Bulletin: FL2023001

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Bulletin: FL2023001

Bulletin Document
V 5
Date: March 07, 2023
To: All Florida Issuing Offices
RE: UNDERWRITING - Closing Protection Letter - FORMS UPDATE

Dear Associates:

CPL FORM

The State of Florida, Office of Insurance Regulation (“OIR”) has approved for use, effective March 1, 2023, a newly filed Florida Single Transaction form of Closing Protection Letter (“CPL”) approved for issuance in connection with real estate located in Florida and designed to be issued specific to a single real estate transaction. The newly approved CPL is available to the lender(s), purchaser(s), or lessee(s) in connection with the real estate transaction giving rise to the issuance of the CPL, and in which a title insurance policy or title insurance policies will be issued by or on behalf of Stewart Title Guaranty Company (“Stewart”). The election for a CPL must be made prior to or at the time of closing.

Commencing March 1, 2023, involving transactions covering property located in the State of Florida, the newly filed and approved Florida Single Transaction Closing Protection Letter form (“FL1”) will be the available form required for issuance within Stewart’s ICL production system(s) in connection with a single real estate transaction covering property located in Florida. Thereafter, the use of the prior Florida CPL form last filed in 2015 will no longer be available for issuance.

MODIFICATIONS TO CPL FORMS

Closing Protection Letters may not be (1) modified, (2) prepared by an Issuing Agent on its letterhead or in any other format, or (3) typed, computer generated, or signed by any agent.

Stewart’s current policy and CPL production system (“Stewart Access”) contains the most current Closing Protection Letter(s) approved for issuance and maintains a record of all such CPLs generated as issued.

CONCLUSION

Please contact a Stewart technology representative to update your system with the new Florida CPL form at Stewart’s Customer Care Center, 888-526-3282.

Please do not hesitate to call on us if you encounter a problem requiring a solution or if you have a question. We are always happy to assist.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

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