- March 03, 2004
- All Issuing Offices in New York
- Reinsurance Procedures and Policy Approval
This Bulletin is being issued to remind you of the procedure to be followed for transactions where the Amount of Insurance requested exceeds Stewart Title Insurance Company's ("STIC") self-imposed retention limit of $13,000,000.00.
1. A Reinsurance Questionnaire must be completed and submitted to STIC's Reinsurance Department as far in advance of closing as practical so that the risk can be evaluated, the necessary internal approvals can be obtained and the reinsurance placed in a timely fashion. Reinsurance Questionnaires should be forwarded to the attention of STIC's Reinsurance Coordinator, Anne Minichino, at the address set forth above.
2. As soon after the transaction closes as possible, copies of the policies must be sent to STIC's Reinsurance Department so that the reinsurance agreements can be prepared and the agreements and policy copies can be forwarded to the reinsurers in a timely fashion.
3. If the Amount of Insurance requested exceeds your office's underwriting authorization limit, a Policy Approval from must be submitted to Company Counsel and signed off on prior to closing. If you have any questions concerning your office's underwriting authorization limit, please contact your Agency Representative or Company Counsel. Policy Approval forms should be forwarded to Margaret T. Ling, Esq. at the address set forth above.
It is the responsibility of the issuing agent or branch office to forward copies of all policies issued in connection with any reinsurance transaction to the STIC Reinsurance Department to the attention of Anne Minichino as soon after closing as possible. This is a matter of critical importance and is a necessary prerequisite to the timely preparation of reinsurance agreements. Since the Reinsurance Department has no other method of obtaining this information, it is imperative that we have your cooperation in this regard.
PLEASE NOTE: this request for policy copies is in addition to the copy that must accompany the monthly remittance.
The procedure outlined above is also to be followed in cases where the Amount of Insurance requested is less than $13,000,000.00 but the customer nevertheless requests reinsurance.
Thank you for your anticipated cooperation. If you have any questions, please do not hesitate to contact me.
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.