Bulletin: MU000025
Dear Associates:
Before obtaining reinsurance, your office must first obtain approval from Stewart Title Guaranty Company ("STGC") to issue a large commitment and/or policy or title guaranty as required by your agency, retainer or underwriting agreement with Stewart Title Guaranty Company.
STEWART ...
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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.
EXHIBIT 1
National Requirements
Over Limit of Issuing Agent
POLICY: If the policies or title guarantys ("policies") to be issued are in excess of the limits of the issuing agent's underwriting authority as set forth in the Underwriting Agreement or involve unusual risks, approval to issue such policies must be obtained from Stewart Title Guaranty Company. Accordingly, any commitment and any policies to be issued are subject to such additional limitations, requirements or exceptions made by Stewart Title Guaranty Company upon completion of its review.
POLICY REQUIRES REINSURANCE
If the policies or title guaranty ("policies") to be issued are in
excess of $10,000,000, the following exception must be raised. "Issuance
of this commitment and any policies to be issued are subject to the approval
of Stewart Title Guaranty Company and its reinsurers prior to issuance. This
commitment and any policies to be issued also are subject to any additional
limitations, requirements or exceptions made by Stewart Title Guaranty Company
and its reinsurers."
REINSURANCE AGREEMENT
Note: The form of Reinsurance Agreement utilized will be an ALTA form modified so a suit cannot be brought against the reinsurers in the jurisdiction of the land.
Remember: Before obtaining reinsurance, your office must first obtain the standard overlimits approval from Stewart Title Guaranty Company to issue a large commitment and/or policy as required by your agency, retainer or underwriting agreement with Stewart Title Guaranty Company.