Bulletin: MO2017001

Date:
January 18, 2017
To:
All Missouri Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - ALTA Policy Forms and Endorsements Filing - New Forms - Effective January 4, 2017

Dear Associates:

The Missouri Department of Insurance approved the following ALTA forms and endorsements for use in Missouri effective January 4, 2017.  

ALTA Endorsement 40-06 (Tax Credit - Owner's Policy) (04-02-14)

This new endorsement insures against a reduction in a Tax Credit to an Investor that is caused solely by a defect, lien, encumbrance, or other matter insured against by the policy. The Company has no liability to the Tax Credit Investor under this endorsement until its liability and the extent of a loss insured against by the policy have been definitely fixed in accordance with the Conditions; and the Tax Credit Investor establishes the reduction in the amount of a Tax Credit.

ALTA Endorsement 40.1-06 (Tax Credit - Defined Amount - Owner’s Policy) (04-02-14)

This new endorsement insures against loss or damage, not exceeding the Additional Amount of Insurance, sustained by the Tax Credit Investor by a reduction in a Tax Credit that is caused solely by a defect, lien, encumbrance or other matter insured against by this policy. The Company has no liability to the Tax Credit Investor under this endorsement until its liability and the extent of a loss insured against by the policy have been definitely fixed in accordance with the Conditions; and the Tax Credit Investor establishes the reduction in the amount of a Tax Credit.

As a reminder: in order to comply with Missouri Insurance Regulation 20 CSR500-1.600 and the requirement that the policies show the name, address of, and telephone number of our business as indicated in Section 375.924 RSMo, the Arbitration Endorsement linked below should be attached to all policies when issued. 

NOTE: Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new form changes implemented in your system. 

Another reminder, other forms should not be used if a comparable ALTA version is available. If a comparable ALTA version is available, the most current version of the ALTA form available in each state should be used, unless approved by a Stewart underwriter. 

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:
ALTA Endorsement 40-06 (Tax Credit - Owner’s Policy) (04-02-14)
 
ALTA Endorsement 40.1-06 (Tax Credit - Defined Amount - Owner’s Policy) (04-02-14)
 
Missouri Arbitration Endorsement