Bulletin: DE2011002

Date:
February 14, 2011
To:
All Delaware Issuing Offices
RE:
DTIRB Rating Manual Revisions - Rate Increase and Filed Closing Protection Letter

Dear Associates:

Last year the Delaware Title Insurance Rating Bureau ("DTIRB") submitted to the Delaware Department of Insurance a request for an increase in rates, as well as a filed CPL with a fee. 

The request was recently approved by the Delaware Department of Insurance and will have an effective date of March 1, 2011.  Below please find a summary of the revisions, as well as the corresponding section of the Rating Manual affected:

The following sections of the Rating Manual have been revised to reflect an increase in the rate schedule:

Section 3.2 – Original Title Insurance Rates for Owner’s Policies

Section 3.3 – Rate for Reissue Owner’s Policy

Section 3.6 – Original Title Insurance Rates for Loan Policies

Section 3.7 – Rate for Reissue Loan Policy

Section 3.10 – Assignment of Mortgage

Section 3.11 – Extension or Modification of an Insured Mortgage

The following sections have been added to the Rating Manual:

Section 7 Supplemental Charges   

Section 7.1 Closing Protection Letter – Single Transaction Limited Liability – provides description of the Closing Protection Letter as well as the $75.00 fee per transaction.

Section 8 Supplemental Forms – Closing Protection Letter – DTRIB CPL (03/01/2011)

The complete Rating Manual can be found on the website of the local Stewart Title office in Delaware (http://www.stewart.com/delaware). 

Please feel free to contact the Delaware State Office at (302) 651-9201 with any questions or concerns.

If you have any questions relating to this or other bulletins, please contact your local underwriting personnel or Stewart Legal Services.

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