Bulletin: GA2012006

Note: This Bulletin has been replaced by Bulletin GA2012010 . Use it for reference only.

Date:
August 07, 2012
To:
All Georgia Issuing Offices
RE:
Rate Change

Dear Associates: 

Stewart Title Guaranty Company has filed a new "All Inclusive Schedule of Charges for Use in the State of Georgia" with the Georgia Department of Insurance.  These new rates become effective on September 1, 2012.  An electronic version of the rate book can be found here for your convenience.  The rate changes are as follows: 

The rate for Closing Protection Letter coverage is set forth under Section III.
All other rates remain the same.   
 

The rates in the Schedule of Charges are the rates that all Issuing Offices are required to charge the consumer and upon which Issuing Offices must remit. Therefore, the quotation of rates and premium charged for policies of title insurance sold by Stewart and our Issuing Offices shall be based only upon our "All Inclusive Schedule of Charges for Use in the State of Georgia" and any additional fees for endorsements. Any other fees must be separate and distinct from premium charges in a transaction. There should be no confusion by the party charged with paying the premium that the premium relates only to those fees for the title insurance policies. 

Agents must remit the percentage of the total title charges (policy premium and any fees charged for endorsements) to Stewart in accordance with their underwriting contract. Additionally, Stewart must pay premium tax on both the portion retained by the agent as well as the premium actually remitted to Stewart (see O.C.G.A. 33-8-2 and O.C.G.A. 33-8-8-4), so it is critical that the correct title charges are used to calculate the amount of the premium remitted to Stewart

Softpro and Landtech have been provided with the new rate information.  Please contact your software company to request an update for your system with the new rates as follows: Softpro – 1-800-848-0143 and Landtech – 1-800-835-1523.  If you are currently utilizing StewartDocs or AIM, please contact a Stewart technology representative to update your system at Customer Care Center, 888-526-3282. 

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:
GA2012004 Rate Change
Related Bulletins:
GA2012005 S.B. 331; Closing Protection Letters
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None