Bulletin: NE2013001

Date:
May 28, 2013
To:
All Nebraska Issuing Offices
RE:
UNDERWRITING - Nebraska Insured Closing Letters

Dear Associates:

In August of 2012 the Nebraska Department of Insurance approved Stewart Title Guaranty Company’s Single Transaction Letter (ICL). The form that has been in use will be withdrawn, and the new form will be uploaded into the ICL system upon issuance of this bulletin.

Under Nebraska law, title insurers are required to issue an ICL to each insured in a transaction. A separate ICL should be issued for each transaction; this form does not constitute a blanket ICL.

Unless approved by Stewart Title, an ICL may not be (1) modified; (2) issued on a different form; (3) name any party other than an insured; or (4) be in an amount in excess of $5,000,000.00. Please contact Sarah Jackson (sjackson@stewart.com ) or Regina Jones (rjones@stewart.com), if you are asked to issue an ICL in conflict with the above conditions.

The rate filing does not change the premium amount or premium split already in effect.

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:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None