Bulletin: FL2008007

Date:
August 06, 2008
To:
All Florida Issuing Offices
RE:
Notice of Eligibility for Reissue Rate (Revised)

Dear Associates:

In accordance with Stewart Bulletin FL2007001, it is now MANDATORY that all Florida Stewart Title Issuing Offices inform both the buyer and seller that providing a prior owner’s policy will permit a discounted reissue rate if the transaction is eligible.  In order to assist our agents with the task of informing buyers and sellers with the information necessary and to document compliance, the attached Notice of Potential Eligibility for Lower Reissue Rate (Revised) form is being provided to you.

The Notice of Potential Eligibility for Lower Reissue Rate (Revised) should be forwarded with the initial contact letter to both the buyer and seller, alerting them that the customer paying for title insurance may be eligible for a reduced premium and that the prior policy should be provided to the closing agent.

Furthermore, the attached Notice of Potential Eligibility for Lower Reissue Rate (Revised) must be signed by the customer paying for title insurance when the Reissue Rate is NOT given, due to the transaction not being eligible, or the failure to provide a prior owner’s policy.  The signed notice must be retained in the closing file.

Please do not hesitate to contact me or any of the underwriting attorneys should you have any questions or concerns regarding this matter.

FL Notice of Potential Eligibility for Lower Reissue Rate (Revised)

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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.