Bulletin: PA2016001

Date:
March 24, 2016
To:
All Pennsylvania Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Revisions to Pennsylvania Manual of Rates, New Endorsements, Revised ALTA Policy Forms, ALTA Closing Protection Letter, Withdrawal of Endorsement and Policy Forms Effective May 1, 2016

Dear Associates:

The Title Insurance Rating Bureau of Pennsylvania (“TIRBOP”) submitted to the Pennsylvania Insurance Department a rate increase of 12.1%, ten new endorsements, one revised endorsement, four revised policy forms, and a revised Closing Protection Letter. Simultaneously, the Rating Bureau is withdrawing one endorsement, the current version of the four revised policy forms, and the current Closing Service Letter. The rate increase and revised forms were approved and will be effective May 1, 2016.

The new endorsements are as follows:

ALTA Endorsement 19.1-06 Contiguity - Single Parcel
TIRBOP Endorsement 1251 (Owner’s and/or Loan Policy)

ALTA Endorsement 28.3-06 Encroachments - Boundaries and Easements - Described Improvements and Land Under Development
TIRBOP Endorsement 1314 (Loan Policy Only)

ALTA Endorsement 28.3-06 Encroachments-Boundaries and Easements - Described Improvements and Land Under Development
TIRBOP Endorsement 1315 (Owner’s Policy Only) 

ALTA Endorsement 9.10-06 Restrictions, Encroachments, Minerals - Current Violations 
TIRBOP Endorsement 1590 (Loan Policy Only)

ALTA Endorsement 10-06 Assignment
TIRBOP Endorsement 1600 (Loan Policy Only)

ALTA Endorsement 23-06 Co-Insurance - Single Policy
TIRBOP Endorsement 1610 (Owner’s and/or Loan Policy)

ALTA Endorsement 39-06 Policy Authentication
TIRBOP Endorsement 1620 (Owner’s and/or Loan Policy)

ALTA Endorsement 42-06 Commercial Lender Group
TIRBOP Endorsement 1630 (Loan Policy Only)

ALTA Endorsement 43-06 Anti-Taint
TIRBOP Endorsement 1640 (Loan Policy Only)

ALTA Endorsement 45-06 Pari-Passu Mortgage
TIRBOP Endorsement 1650 (Loan Policy Only)

The revised endorsement is as follows:

ALTA Endorsement 15.2-06 Nonimputation - Partial Equity Transfer
TIRBOP Endorsement 1180 (Owner’s Policy Only)

The revised policy forms are as follows:

ALTA Homeowner’s Policy (Adopted 10-17-98) (Revised 10-22-03, 01-01-08, 02-03-10, 12-02-13)

ALTA Expanded Coverage Residential Loan Policy - Current Assessments (Adopted 04-02-15)

ALTA Short-Form Expanded Coverage Residential Loan Policy - Current Assessments (Adopted 04-02-15)

ALTA Short-Form Residential Loan Policy - Current Violations (Adopted 04-02-15) (As Modified by TIRBOP) 

The new form of Closing Protection Letter which has been adopted is:

ALTA Closing Protection Letter - Single Transaction (Adopted 12-01-15)

The following endorsement has been withdrawn simultaneously with the filing of the new endorsement forms:

ALTA Endorsement 15.2-06 Nonimputation - Partial Equity Transfer
TIRBOP Endorsement 1180 (10/1/08)

The following Policy Forms have been withdrawn simultaneously with the filing of the new Policy forms:

ALTA Homeowner’s Policy (Revised 02/03/10)

ALTA Expanded Coverage Residential Loan Policy (Revised 07/26/10) (As Modified by TIRBOP)

ALTA Short Form Residential Loan Policy (Adopted 06/16/07) (As Modified by TIRBOP)

ALTA Short Form Expanded Coverage Residential Loan Policy (Revised 07/26/10) (As Modified by TIRBOP)

The following Closing Protection Letter has been withdrawn simultaneously with the filing of the new Closing Protection Letter:

TIRBOP – PA CSL (9/14/09)
TRANSACTION SPECIFIC

The Rate Manual and forms are available under the “Forms and Policy Information” index on our website: http://www.stewart.com/pennsylvania. The forms are also available on www.vuwriter.com.  

Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new rates/forms changes implemented in your system.   

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.