- January 09, 2012
- All New York State Office Counsel, Managers and Agents
- New Remittance and reporting requirements, MANDATORY REPORTING REQUIREMENT
Effective January 1, 2012, the National Association of Insurance Commissioners (NAIC) will require every Title Insurance Underwriter to collect data for reporting in their annual statements the type of property covered by each policy reported. For policies issued in Stewart's name we ask you to classify whether the property is "residential" or "commercial." The NAIC's definition of residential is as follows:
"Residential policies mean title insurance policies that insure the title to real property having a house, individual condominium unit, mobile home permanently affixed to real estate, or other dwelling unit intended principally for the occupancy of from one to four (1-4) families, but does not include multi-family structures intended for the use of 5+ families, undeveloped lots, or real estate intended principally for business, commercial, industrial, religious, educational or agricultural purposes even if some portion of the real estate is used for residential purposes."
You should designate the property as R - Residential if it fits the definition above or C - Commercial if it does not.
You should begin this designation on all policies reported from 1/1/2012 regardless of the policy year.
As an approved Stewart Title Insurance Policy Issuing Office, you are required to provide the property type as required under the NAIC rule. Please report the property type on your Title Insurance Agency Remittance Form in the Remarks/comments column.
Keep in mind that your designation of a property's character is FOR DATA COLLECTION PURPOSES ONLY AND THE ISSUANCE OF OUR POLICY DOES NOT INSURE OR COVER THAT DESIGNATION.
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.