- September 29, 2014
- All New York State Agents, Office Counsel, and Managers
- New York State Title Insurance Agent Licensing Update - New Disclosures Required
Pursuant to the requirements of New York State Insurance Law, all title reports/title commitments must have the new disclosures required by the Licensing Law. Stewart Title Insurance Company recommends that you immediately begin to provide the required disclosures. The suggested forms are attached. They consist of two pages. The Disclosure Statement must be attached to every title report/title commitment. The Disclosure Statement must be completed with the appropriate premium calculations for all transactions where only loan policies are issued. If a fee policy is issued, premium calculation does not need to be included, however, on all transactions where a policy is issued the consumer must execute the disclosure forms.
We also include a Consumer Acknowledgment of Title Insurance Premiums, Fees, and Service Charges Form. This form includes language that Stewart Title Insurance Company suggests that you add to your final title invoice to comply with the new law. This acknowledgment can be added on to every invoice where a policy is issued. Please make sure all charges, whatsoever, are put on the final invoice and then add this language and have it signed by the party being charged. This signed memorandum of acknowledgment and final title invoice must be kept in your file for three years.
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.
- Bulletins Replaced:
- Related Bulletins:
- NY000539 New York State Agent Licensing Is Now Law
- NY000548 New York State Title Insurance Agent Licensing
- Underwriting Manual:
- Exceptions Manual: