Bulletin: BH2022001

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Bulletin: BH2022001

Bulletin Document
V 4
Date: September 15, 2022
To: All Bahamas Agents
RE: Reminder re Your Premium Remittance and Reporting Obligations

Dear Agents:

Because Stewart’s liability under a policy commences as soon as the premium is collected from the client, it is important that you submit premium reports, remittances, and copies of the final policies within one month after completion and recording of all documents at the registry for the transaction. Stewart relies on timely reporting to ensure it meets its regulatory and operational reporting obligations. 

If any documents or evidence remain outstanding or have not yet been provided, follow up with the parties to ensure that all matters have been resolved and completed.  With respect to premium reporting, Stewart can supply a remittance report template for your use.  If you prefer to use your own form of remittance report, it must be pre-approved by Stewart for use. Please ensure that you also verify all calculations are correct in your remittance report.

Remittances will only be accepted by way of wire transfer. Initiate the wire as follows: email proof of wiring, along with the remittance information to Sue Duva at sduva@stewart.com. Stewart will track the receipt of funds for proper posting to your account.  Wiring (USD) instructions can be found in your Agent Guideline Handbook or you can speak to your Stewart contact for details.

If available, attach the related final policies with your remittance report; if not, please submit the final policies as soon as possible as the policies will be archived for recordkeeping purposes. As a continuing part of our internal audit process, the liability amount reflected on the final policy will be reconciled to the remittance for accuracy in reporting liability, premium revenue and premium tax. 

If you have any questions relating to this or other bulletins, please speak to your Stewart contact.

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.


References

Bulletins Replaced:
  • None
Related Bulletins:
  • None
Underwriting Manual:
  • None
Exceptions Manual:
  • None
Forms:
  • None