Bulletin: NJ2013002

Date:
August 15, 2013
To:
All New Jersey Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Premium Rate Increase Effective September 1, 2013

Dear Associates:

We are pleased to advise that the New Jersey Department of Banking & Insurance has approved a premium rate increase effective for title orders and applications received on or after September 1, 2013. A copy of the new Rate Manual effective September 1, 2013, is linked below.

New Rate Manual (Click to View)

The only changes made were to Section 4.2 Standard Underwriting Rate Schedule and Section 4.6.1 Refinance, Recast or Substitution Loans. The changes will result in a 5% increase in revenues and are set forth below:

STANDARD UNDERWRITING RATE SCHEDULE

 

OLD RATE

NEW RATE

Policy Liability

per $1,000

per $1,000

$0 - $100,000

      $5.00

add $5.25

$100,001 - $500,000

add $3.95

add $4.25

$500,001 - $2 million

add $2.65

add $2.75

Over $2 million

add $2.00

add $2.00

REFINANCE UNDERWRITING RATE SCHEDULE

 

OLD RATE

NEW RATE

Policy Liability

per $1,000

per $1,000

$0 - $100,000

      $2.50

add $2.75

$100,001 - $500,000

add $2.25

add $2.50

$500,001 - $2 million

add $2.00

add $2.25

Over $2 million

add $1.50

add $1.75

Agents using AFW or AFW+ should please contact PropertyInfo Customer Care to get the new rate changes implemented in their AFW or AFW+ systems. Agents using other software systems should contact their vendors for rate updates, as well.

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.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None