Bulletin: IN2011007

Date:
August 17, 2011
To:
All Indiana Issuing Offices
RE:
Stewart Loyalty Credits

Dear Associates:

Please allow this bulletin to serve as further clarification to Stewart’s Bulletin IN2011006 dated June 30, 2011.  That bulletin included Stewart’s new Indiana Rate Schedule.

The new rates provide for a "Loyalty Discount" for all returning Stewart policy holders who have a policy on Indiana residential property. Attached hereto is the revised Indiana Transaction Codes containing the additional codes to be used for reporting policies in which the Loyalty Discount is provided. 

Qualification for the discount as a "returning Stewart policyholder" may be satisfied by one of the following:   

  1. The prior Stewart policy itself;

  2. A copy of the prior Stewart policy; or

  3. A copy of an executed settlement statement showing payment for a policy to Stewart Title Guaranty Company.

A policy copy or other qualifying documentation may be obtained by any of the following means:

  1. A copy of the policy or settlement statement may be provided directly to the title office with the current order by the current owner.

  2. If the title office with the current order issued the prior policy and technology available to the office allows for a simple search to be run of their records which is neither overly burdensome or costly, the title office with the current order may furnish a copy of the prior Stewart policy or settlement statement.

  3. The current owner may contact the title office that previously issued the policy and if technology available to the office allows for a simple search to be run of their records which is neither overly burdensome or costly, that title office should provide a copy of the prior Stewart policy or settlement statement to the current owner for them to take to a title office of their choosing for the current transaction. 

Please remember that the Indiana Department of Insurance requires that only title insurance premium should appear on HUD lines 1103 and 1104.  For more information on completing the HUD correctly, please refer to VU Bulletin IN2010001 and the Indiana Department FAQs on completing the HUD in accordance with RESPA and state law at http://www.in.gov./idoi/files/Indiana_Department_of_Insurance_FAQs.pdf.    

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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.

References

Bulletins Replaced:
None
Related Bulletins:
IN2010001 Indiana Department of Insurance FAQ's on the New RESPA Rule
 
IN2011006 New Indiana Rates - Effective June 30, 2011
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None