Happy New Year from the Legal Department of Stewart Title Insurance Company. We wish you a prosperous 2017.
The purpose of this Bulletin is to remind you of your obligations as a policy- issuing representative of Stewart Title Insurance Company (“Stewart”). In addition to possessing the common and customary knowledge associated with New York State real estate closings, you are required to have specific knowledge of Stewart’s underwriting practices. To this end, Stewart provides you with our Virtual Underwriting Manual, Title Alerts, Underwriting Bulletins and commonly used forms approved by Stewart so that you may review our underwriting practices. To gain access to the aforementioned documents and other important information kindly log on to the Stewart Agent Resource Center. To access the Agent Resource Center, go to www.stewart.com/new-york and click on "Agent Log-In". You will need your Agent ID number to access the Resource Center. If you do not know your agent ID number, please call 212-922-0050. In addition, you may also access Stewart Title’s virtual underwriter system. www.VUWriter.com.
In addition to your obligations as a policy issuing representative of Stewart, if you perform the functions of a title agent, as defined in New York law, you must also maintain a title insurance agent’s license issued by the New York State Department of Financial Services.
Since the New Year is upon us, I wish to direct your attention to certain Bulletins to refresh your knowledge. Please review Bulletins:
337 and 573 Abandoned Property Law Compliance.
361 Use of Stewart Rate Calculator
394 Bulletins and Alerts
398 Errors and Omissions Coverage
399 Indemnities to clear liens
406 USA Patriots Act
418 and 572 Rate Manual
430 Compliance with approved forms
431 Section 26 of Rate Manual and Section 6409c of NYS Insurance Law
433 Mutual Indemnity Agreement
434 Prohibition on Self Dealing
442 Anti Fraud Plan
446 Rate Calculation Work Sheet and Policy Remittances
456 Comfort Letters/Non-Impairment letters
464 Short Sale Certification
465 Insuring at or after Mortgage or Deed of Trust Foreclosure Part 2
472 Oil & Gas Affirmative Coverage
482, 510 & 563 High Liability/Over limits Policy Approval and ultra hazardous risks
483 Sections 14 and 19 of Rate Manual
502 Revised Standard NY Endorsement
509 The Nationwide Case.
521 Search Limitations
539, 540, and 548 New York State Title Agent Licensing Law and Best Practices
549 New York State Title Insurance Agent Licensing Update - New Disclosures Required
557 Policy and Endorsement Signature Changes
558 Legal Department Staff
565, 567 and 568 TIRSA Rate Manual and Rate Changes
578, 580, 581, and 590 US Department of Treasury FINCEN reporting requirements.
583 Over limits/High Liability/Special/Extra Hazardous Risks
As an approved policy-issuing office of Stewart, you are only authorized to collect title insurance premiums and issue title policies and endorsements in accordance with Stewart’s underwriting practices, the terms and conditions of the policies, the Title Insurance Rate Service Association, Inc., and Title Insurance Rate Manual within the State of New York. This Bulletin is an express statement of limited authority, limited to the issuance of a Stewart Title Insurance Company Policy of Title Insurance and does not afford any authority for settlement or the guaranty of any escrow deposits.
As a policy-issuing office of Stewart Title Insurance Company, if you are on notice of any title alert or cautionary memorandum issued by Stewart Title Insurance Company or another underwriter, your office may not issue a Stewart policy in connection with a transaction on the affected premises without disclosure to, and prior written approval from, Stewart Title Insurance Company.
In addition to the Bulletins referenced above, as a policy-issuing office of Stewart you are required to review and comply with the Virtual Underwriting Manual, all Bulletins and Alerts as well as established underwriting guide lines promulgated by the Company. Should you choose to unsubscribe from the electronic distribution list or for some technical difficulties you are not receiving Stewart’s Bulletins or Alerts, you are still responsible for the review and compliance with those Bulletins and Alerts posted on our website.
Again, thank you for your cooperation and we look forward to serving your needs in the New Year!