- June 04, 2010
- All New York State Office Counsel, Managers and Agents
- Stewart Title Insurance Company Rate Calculator (New York) Policy Remittances
The following is being sent to you in furtherance of Memorandums 287, 303 and 361. This memorandum applies to policies written on New York State property only.
As policy issuing offices of Stewart Title Insurance Company (Stewart) your files may be the subject of review and audit by the New York State Department of Insurance. (NYSDOI). As part of the file audit, the NYSDOI may request evidence of the type of rate charged as well as the method of calculating the rate. Accordingly, it is essential that your file contain a rate calculation work sheet. Stewart has strongly suggested that each of your files written on Stewart paper contain a calculation work sheet which is printable off of the Stewart rate calculator. Based upon feedback from the NYSDOI it now required that on each policy written on Stewart paper, the file must contain a rate calculation work sheet. In addition, you are now also required to provide the correct rating code associated with the rate charged. Rate codes are used to indicate the type of rate charged i.e full rate on a fee policy.
In order to be in compliance with NYSDOI recommendations, please submit an accurate remittance sheet and payment which should include the following:
1: A full copy of the policy
2: A rate work sheet
3: The correct rate code
4: Full payment of the remitted amount
Please make sure to send all New York payments and remittances on a monthly basis to the following address:
Stewart Title Insurance Company
300 East 42nd Street
New York, NY 10017
Stewart’s Rate Calculator is located at our web site at www.stewartnewyork.com. Please make sure you are fully familiar with the use of the calculator. If you have any Rate questions please contact the agency services department for assistance. Also attached are the current rate codes. Please indicate the correct rate code on all remittances.
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.