- April 09, 1996
- All Branch Managers, Counsel and Agents
- Title Insurance Premium Rate Increase Approved effective 5/1/96
The New York State Insurance Department has just approved a rate increase for the Title Insurance Industry which is effective as of May 1, 1996. The new rates represent an increase of approximately 6% over the presently existing rate structure. A copy of the letter from the Department, dated April 2, advising the Title Insurance Rate Service Association (TIRSA) of the increase, together with a new rate schedule reflecting the increase (for both zones 1 and 2) are available through the New York offices.
The Company has ordered new rate cards to be printed and will distribute them as soon as they become available. In the interim, we recommend that all applicants for title insurance (i.e., both existing applications and those taken in between now and May 1) be advised that a rate increase has been approved and will become effective for all titles closing on or after May 1, 1996.
Should you have any questions regarding this matter, please 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.