- June 15, 2016
- All Louisiana Issuing Offices
- RATES AND/OR FORMS UPDATE - FORM UPDATE – Closing Protection Coverage – Form Changes Only
The Louisiana Department of Insurance has approved a Form filing made by Louisiana Title Statistical Services Organization, Inc. (“LATISSO”) effective July 1, 2016, for Closing Protection Coverage as referenced below.
With the implementation of the new Closing Disclosure under the TILA-RESPA Integrated Disclosure Rule, the ALTA deemed it appropriate to revise the ALTA Closing Protection Letter – Single Transaction and the ALTA Closing Protection Letter – Multiple Transactions to conform to changes in the law and to modify existing language in these closing protection letters for consistency and clarity. LATISSO has incorporated similar modifications into its Closing Protection Coverage letters that are issued in connection with transactions involving property in Louisiana.
Closing Protection Coverage – LA Single Transaction rev 12/01/15 (effective 07/01/16)
This is a revision to the prior version of the Closing Protection Coverage document extending coverage to a single specified transaction. This Closing Protection Coverage – LA Single Transaction document is generated through Stewart’s ICL Website or our online Stewart Access – CPL Module system.
Rate remains at $25 per occurrence.
Closing Protection Coverage – LA Multiple Transactions rev 12/01/15 (effective 07/01/16)
This is a revision to the prior version of the Closing Protection Coverage document extending coverage to multiple transactions. This Closing Protection Coverage – LA Multiple Transaction document is generated only upon request made to Stewart’s CPL Administration Department. Written requests should include the name and address of the addressee and the name of requesting issuing agent. The request may be forwarded to any member of the Louisiana District Team or can be forwarded directly to Stewart’s CPL Administration Department at ICLAdmin@stewart.com.
Rate remains at $25 per occurrence.
These Closing Protection Coverage documents can only be produced through Stewart’s ICL Website (https://www.stewarticl.com) or the Stewart Access - CPL Module system, or by Stewart's CPL Administration Department upon request. These Closing Protection Coverage documents cannot be (1) modified, (2) prepared by any issuing agent on its letterhead or in any other format, or (3) typed, computer generated, or signed by any agent. Alteration to either type of Closing Protection Coverage document must be requested through Stewart's CPL Administration Department.
Please submit all requests to (1) modify or alter the Closing Protection Coverage, or (2) reflect a different amount for a transaction that exceeds $10 million to Stewart's CPL Administration Department at ICLAdmin@stewart.com. Please note that all requests for Closing Protection Coverage on transactions over $10 million must be accompanied by a completed "overlimits approval" form approved and executed by the local underwriter and/or senior underwriter.
If you have questions relating to this bulletin, please contact Louisiana Underwriting Personnel at (800) 209-4675 or Stewart Legal Services.
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.