- October 22, 2014
- All Arkansas Issuing Offices
- UNDERWRITING - Title Insurance Premium Reported to Stewart Title Guaranty Company - Arkansas Insurance Department Bulletin No. 14-2014
Recently, the Arkansas Insurance Department issued the above referenced bulletin directing all agencies to report all premiums charged the consumer in conjunction with the amount of liability assumed by a title insurer under a title insurance policy to their underwriter. This should not include any fees for such things as search and exam, closing fees, document preparation fees, notary fees, etc., only title insurance premium.
You should immediately begin complying with the following directions in order to properly report these premiums to Stewart Title Guaranty Company, to wit:
All policies reported to Stewart Title Guaranty Company after November 1, 2014, should show the gross title insurance premium charged to the consumer at the top of the Schedule A.
For example, the top of schedule A should read - Premium charged $550.00.
Arkansas Insurance Department Bulletin No. 14-2014 may be accessed at the following link. http://www.insurance.arkansas.gov/Legal/Bulletins/14-2014.pdf,
Please note that the department will begin examining records necessary to verify that the proper amount of premium is being reported beginning October 1, 2015.
If you should have any questions regarding this matter, please contact Craig Gill at 1-888-303-8250 or Kim Majors at 1-800-530-8237.
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.