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.
Bulletin: NY000305
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Bulletin: NY000305
As many of you know, on June 17, 2006 the American Land Title Association ("ALTA") approved a 2006 ALTA Owner's Policy, a 2006 ALTA Loan Policy, and a 2006 ALTA Short Form Residential Loan Policy. On November 9, 2006 the Title Insurance Rate Service Association, Inc ("TIRSA") here in New York submitted a similar request for approval in New York . TIRSA has notified us that the submission has been approved.
In New York Stewart currently issues the 1992 ALTA forms of Owner's and Loan Policies, as modified by the New York Standard Endorsements and the 1992 ALTA Short Form Residential Loan Policy with Title Insurance Rate Service Association, Inc. ("TIRSA") amendments. Effective May 1, 2007 these forms will no longer be issued in New York and the 2006 ALTA Owner's Policy and 2006 ALTA Loan Policy, as amended by revised forms of Standard Endorsements, and the ALTA's 2006 Short Form Residential Loan Policy with TIRSA Amendments will be the default policies. Other TIRSA Policy Endorsements have been revised, effective May 1, 2007 to correspond their text to the new Policies.
In the coming weeks Stewart will be generating the new forms for both paper and electronic users. We will make sure you have sufficient product at the effective date to insure a smooth transition to the 2006 policies. Kindly preserve your existing inventory until further notice from us.
For those of you interested in the comparison between the 1992 and 2006 policies, Stewart has set up a Free Webinar this Wednesday, March 14, 2007 at 11:30 AM (EST). Information & registration for the webinar is located in the Agent Resource Center at www.stewartnewyork.com. The webinar will be hosted by Stewart's nationally renowned leading Underwriters, James Gosdin and Jim Kletke from our home office in Houston.
For your convenience copies of the new policies and their comparisons to the 1992 policies will be posted on March 15, 2007, subsequent to the webinar, on our website at www.stewartnewyork.com.
In the lead up to May 1, 2007 Stewart Agency, Legal and Technology personnel here in New York will be available to answer any logistical or legal questions regarding your implementation of the 2006 policies. As the date approaches you will be receiving additional, more detailed information about the policies and their use.
As always, thanks for your continued support!
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None