Bulletin: NY000014

Date:
April 11, 1990
To:
All Underwritten Companies
RE:
Reinsurance Limitations

Dear Associates:

Please be advised that Stewart Title Insurance Company is capable of handling transactions up to Ten Million Dollars without obtaining Reinsurance. Therefore, whenever a premium is quoted, please keep the following in mind:

  • The above referenced statutory limitation placed upon Stewart Title Insurance Company; and,
  • Lenders often impose limits which are less than the limitations imposed statutorily.

In the event that a Lender or other interested party in the transaction seeks to limit Stewart Title Insurance Company, please contact us immediately in order that we may have further discussions with such party enabling us to get the limits raised. In addition, should the parties require specific Reinsures, please advise us of same. It is our desire to provide all of our insureds with quality Reinsures at competitive prices.

In the event you have any questions concerning the above or if I can be of further assistance with regard to same, please do not hesitate to contact me at your earliest convenience.

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:
17.20 Reinsurance
Exceptions Manual:
NY Noncumulative Liability
Forms:
None