- March 22, 2010
- All Pennsylvania Issuing Offices
- PA Manual of Rules and Rates Revision 2-1-2010
Because of claims on transactions in which creditors' rights coverage is given, and the inability to underwrite what becomes a financial analysis and prediction of future events, Stewart's policy for providing creditors' rights coverage has changed.
The ALTA decertified (withdrew) the ALTA Endorsement 21-06 (Creditors' Rights) as an ALTA Form on February 3, 2010, and the Title Insurance Rating Bureau of Pennsylvania has withdrawn the two Creditor's Rights Endorsements (TIRBOP #1300 and 1301), effective February 1, 2010. The two Creditor's Rights Endorsements and the 1970 policies may no longer be issued in Pennsylvania.
Enclosed please find update pages to be inserted in your PA Manual of Rules and Rates. Should you wish to obtain a full PA Manual of Rules and Rates, please call the state underwriting staff.
Update pages for the PA Manual of Rules and Rates (Click to View)
If you have questions relating to this bulletin, please contact Stewart Legal Services or your local underwriting personnel.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
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.