- January 17, 1996
- All STIC Branch Managers and Agents
- ALTA Policies - Reduction in the number of documents to be sent to the Company for imaging/microfilming
Since the commencement of its business operations in New York, it has been the position of Stewart Title Insurance Company (STIC) to require that copies of all policies issued by our agents be sent to STIC for microfilming. The material to be furnished included policy jackets, Schedules A (insuring page) and B (exception page), legal descriptions and survey readings, together with copies of all endorsements issued in connection with such policies.
In the past few years, the number of STIC agents has grown an the volume of business which they generate has increased dramatically. Unfortunately, the cost of microfilming (or, more recently, optical imaging), and the amount of time spent and personnel involved in this memorialization process have also increased substantially.
STIC has recently completed a review of its position regarding policy submissions by its agents and has concluded that a reduction in the documentation to be furnished would reduce (for both STIC as well as its agents) the cost, time, and the number of personnel involved in this process.
Accordingly, for all policies dated January 1, 1996 or thereafter, the only policy documentation that must be submitted to the Company is the following:
- a. Schedule A insuring page
- b. Schedule B exception page
- c. Legal Description
- d. Survey Reading (if it appears on a separate page
- e. General Endorsements which provide assurances other than those approved by the New York State Department of Insurance and/or contained in the TIRSA Rate Manual.
For all policies dated on or after January 1, 1996, the Company will not require that copies of the 10-17-92 ALTA policy jackets be submitted to the Company. Similarly, copies of issued endorsements, other than General Endorsements, do not have to be submitted to the Company. The issued endorsements will be tracked on the Title Insurance Agency Remittance Form which has recently been approved and mandated by the New York State Insurance Department for use by all title insurance agents. (Please note however, that certain endorsements, such as Cluster, First Loss, Last Dollar, Interest Rate Swap and Additional Interest, still require approval by STIC prior to issuance.
Should you have any questions regarding this new Company position, please do not hesitate to contact Company Counsel.
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.