Bulletin: NY000535

Date:
January 17, 2014
To:
All New York State Office Counsel, Managers and Agents
RE:
Title Alerts and Underwriting Bulletins 2014 Reminder

Happy New Year from the Legal Department of Stewart Title Insurance Company.  We wish you a prosperous 2014. 

The purpose of this Bulletin is to remind you of your obligations as a policy- issuing representative of Stewart Title Insurance Company (“Stewart”).  In addition to possessing the common and customary knowledge associated with New York State real estate closings, you are required to have specific knowledge of Stewart’s underwriting practices. To this end, Stewart provides you with our Virtual Underwriting Manual, Title Alerts, Underwriting Bulletins and commonly used forms approved by Stewart so that you may review our underwriting practices. To gain access to the aforementioned documents and other important information kindly log on to the Stewart Agent Resource Center.  To access the Agent Resource Center, go to www.stewartnewyork.com and click on "Agent Log-In". You will need your Agent ID number to access the Resource Center. If you do not know your agent ID number, please call 212-922-0050.

Since the New Year is upon us, I wish to direct your attention to certain Bulletins to refresh your knowledge.  Please review Bulletins:

337 Abandoned Property Law Compliance
361 Use of Stewart Rate Calculator
368 Adverse Possession
393 Search Guidelines
394 Bulletins and Alerts
398 Errors and Omissions Coverage
399 Indemnities to clear liens
406 USA Patriots Act
418 Rate Manual
430 Compliance with approved forms
431 Section 26 of Rate Manual and Section 6409c of NYS Insurance Law
432 Recording
433 Mutual Indemnity Agreement
434 Prohibition on self-dealing
442 Anti-Fraud Plan
446 Rate Calculation work sheet and Policy remittances
456 Comfort Letters/Non-Impairment letters
464 Short Sale Certification
465 Insuring at or after Mortgage or Deed of Trust Foreclosure Part 2
472 Oil & Gas Affirmative Coverage
482 High Liability/Over Limit Policy Approval Procedures
483 Sections 14 and 19 of Rate Manual
502 Revised Standard NY Endorsement
509 The Nationwide Case.  
510 Over limits/High Liability/Special/Extra Hazardous Risks
521 Search Limitations
534 Legal Department Staff

As an approved policy-issuing office of Stewart, you are only authorized to collect title insurance premiums and issue title policies and endorsements in accordance with Stewart’s underwriting practice, the terms and conditions of the policies, the Title Insurance Rate Service Association, Inc., and Title Insurance Rate Manual within the State of New York. This Bulletin is an express statement of limited authority, limited to the issuance of a Stewart Title Insurance Company Policy of Title Insurance and does not afford any authority for settlement or the guaranty of any escrow deposits.

As a policy-issuing office of Stewart Title Insurance Company, if you are on notice of any title alert or cautionary memorandum issued by Stewart Title Insurance Company or another underwriter, your office may not issue a Stewart policy in connection with a transaction on the affected premises without disclosure to, and prior written approval from, Stewart Title Insurance Company.

In addition to the Bulletins referenced above, as a policy-issuing office of Stewart you are required to review and comply with the Virtual Underwriting Manual, all Bulletins and Alerts as well as established underwriting guide lines promulgated by the Company. Should you choose to unsubscribe from the electronic distribution list or for some technical difficulties you are not receiving Stewart’s Bulletins or Alerts, you are still responsible for the review and compliance with those Bulletins and Alerts posted on our website.

Again, thank you for your cooperation and we look forward to serving your needs in the New Year!

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:
NY000337 Escrow Deposit Review - Compliance with Sections 1317 and 1422 of the New York Abandoned Property Law
 
NY000361 Stewart Title Rate Calculator
 
NY000368 Adverse Possession
 
NY000393 Search Guidelines
 
NY000394 Distribution of Bulletins and Alerts
 
NY000398 Errors and Omissions Coverage Notice of Change or Termination
 
NY000399 Indemnities to Clear Liens
 
NY000406 USA Patriot Act - Money Laundering; Executive Order and Terrorists Activities
 
NY000418 Rate Manual
 
NY000430 Compliance with Approved Policy forms and Endorsements
 
NY000431 Section 26 of the TIRSA Rate Manual and Section 6409c of the New York State Insurance Law
 
NY000432 New Underwriting Bulletin on Recording
 
NY000433 Use of Mutual Indemnification Agreement
 
NY000434 Prohibition Against Self Dealing
 
NY000442 Notice of Claim Requirements/ Stewart Title Insurance Company Anti-Fraud Plan
 
NY000446 Stewart Title Insurance Company Rate Calculator (New York) Policy Remittances
 
NY000456 Comfort Letters/Non-Impairment Letters
 
NY000464 Short Sale Certification
 
NY000465 Insuring at or after Mortgage or Deed of Trust Foreclosure Part 2
 
NY000472 Oil & Gas Lease / Mineral Rights Affirmative Coverage
 
NY000482 High Liability/ Over Limit Policy Approval Procedures
 
NY000483 Section 14 and 19 of the New York State Rate Manual-Update
 
NY000502 Revised Standard New York Endorsement Effective July 1, 2012
 
NY000509 The Nationwide Decision; TIRSA 9 Underwriting Standards
 
NY000510 Over limits/High Liability/Special/Extra Hazardous Risks, New York Policy Issuing Offices
 
NY000534 Legal Department Staff
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None