- May 06, 1997
- All New York State Office Counsel, Managers and Agents
- Increase in Stewart Title Insurance Company's Single Transaction Retention Limit
On April 30, 1997, the Board of Directors of Stewart Title Insurance Company (STIC) approved an increase in the amount of liability that STIC can retain on any single transaction from $10,000,000 to $13,000,000.
The Board of Directors of STIC's corporate parent, Stewart Title Guaranty (STG), a licensed reinsurer in the State of New York, has also approved an increase in the amount of liability that STG may assume on any single risk. As a result, the Stewart Title Family (STIC and STG, collectively) can retain up to $60,000,000 on any single transaction. The increase in retention limits should further enhance STIC's (as well as the Stewart Family's) ability to participate in major commercial transactions within the City of New York and throughout New York State.
Of course, the acceptance of such liability amounts is subject to internal corporate approval procedures. A copy of the reinsurance questionnaire is available through the New York City office and must be completed in connection with any transaction in which the policy liability of STIC will be in excess of $13,000,000. The questionnaire should be sent to the Reinsurance Department well in advance of closing so that the risk can be evaluated, the internal approvals obtained, and the reinsurance placed in a timely fashion.
Also available through the New York City office is a Policy Approval Form which must be sent to the Company prior to closing, where the amount of reinsurance will exceed an agent's underwriting authorization limit set forth in it's underwriting agreement with STIC.
Should you have any questions, please do not hesitate to contact the New York City office.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
- Bulletins Replaced:
- Related Bulletins:
- NY000014 Reinsurance Limitations
- Underwriting Manual:
- Exceptions Manual: