- January 09, 2006
- All Issuing Offices in New Jersey
- New Jersey Manual of Rates - New Section 3.4.1
The Commissioner of Insurance has just approved a change to the Rate Manual, incorporated in the new section 3.4.1, "Simultaneously-Issued Policies - Endorsement Charges". The new section mandates that where policies are simultaneously issued, only a single charge be made for an endorsement if the endorsement is going to be issued for more than one policy. Exceptions to this mandate are made for Sections 10.37 (Mortgage Modifications), Section 10.38 (Construction Loan Special Policy Endorsement), or any other circumstance where the Rate Manual permits other charges to be made. This change becomes effective January 15, 2006.
Attached is a new cover sheet for your manual, together with a page which includes the new section. If you have a Manual of Rates and Forms which was issued prior to mid-2004, please substitute the page containing the new section for page 13 in your Manual. If you have a Manual of Rates and Forms which was issued after mid-2004, please substitute the new page for the existing page 3-7.
Please call the State Office if you have any questions.
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.