- November 11, 2009
- All New York State Office Counsel, Managers and Agents
- Assemblyman Richard Brodsky proposal for "public option" title insurance
Please be advised that the purpose of this bulletin is to apprise all agents of proposed legislation which would have a profound effect on the title insurance industry as we now know it.
Annexed hereto for your reference you will find a press release, an industry white paper and draft legislation which has been submitted by Assemblyman Richard Brodsky (D-Westchester) and Senator Eric Adams (D-Brooklyn). The press release is particularly revealing in that it contains statements of support by individuals and their perception of title insurance.
The contents of these documents are self-explanatory; to wit, the State of New York wants to become a title insurer.
It is imperative that all persons employed in this industry, from underwriters to examiners, agents to title closers, contact their local state representative to voice their opposition to this legislation. The following link contains information which will enable you to find your local state representative so your voice can be heard:
Again, as a reminder, it is in the best interest of all agents to become a member of the New York State Land Title Association ("NYSLTA"). The NYSLTA has been at the forefront in working diligently to protect the interests of its members and to insure that the title industry has valuable input into any proposed regulatory legislation. The fight is being taken to the title insurance industry today, and it is imperative that all persons in the title insurance industry make their vehement opposition to the Brodsky Plan known. Make it known to your local legislators that they work for you; you don't work for them.
Exhibits (Click to View)
Press Release From Assemblyman Brodsky's Office
Legislative Bill Drafting Commission 14995-02-9
Legislative Bill Drafting Commission 14976-01-9
Legislative Bill Drafting Commission 14977-01-9
WHITE PAPER - Title Insurance
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.