- December 28, 2007
- All New York State Office Counsel, Managers and Agents
- Rate Code changes effective 1/1/2008
We are pleased to inform you that the New York State Insurance Department has approved the revised Remittance Form Coding List. The Coding List takes effect for all transactions reported on and after January 1, 2008. To clarify, the effective date on the new codes reflect when the transaction is reported, not the closing date – all transactions reported on or after 1/1/08 are to use the new codes.
Pursuant to Article 23 of the Insurance Law, TIRSA has been duly designated as the New York Insurance Department’s statistical agent for "collecting, compiling and furnishing loss or expense statistics" pertinent to title insurance in the State of New York. TIRSA was directed to develop the Title Insurance Agency Remittance Form which contains data which conforms to the data collection methods and requirements of the approved Statistical Plan. This Remittance Form Coding List is intended to be used by all title insurance agents of TIRSA members.
To ensure complete title insurance statistics and prompt, efficient and accurate compliance with the Statistical Plan, the TIRSA Agency Remittance Form and this Remittance Form Coding List is to be used by all Stewart Title Agents operating in the State of New York.
You can access the new Remittance Coding List here and we will mail new rate coding books as soon as they are available. The new coding list is also available in the Agent Resource Center on www.stewartnewyork.com.
In Bulletin Number NY000287 we informed you that The New York State Insurance Department approved Stewart Title Insurance Company for a rate deviation effective for closings on or after June 16, 2006. The new rate coding list has taken this into account and has added special rate deviation codes, where applicable.
As stated in Bulletin Number NY000303, we strongly urge you to use the Stewart Rate Calculator and print a copy of its calculation for each file. The rate calculator can be found on the following website: www.stewartnewyork.com.
Now more than ever care in calculating rates, accurately reporting policies, and adhering to the TIRSA Manual and your Underwriting Agreement with us is critical. By utilizing these procedures we can enhance our commitment to our customers.
As always, if you have a question, comment or concern about the new rate codes or how to use the Rate Calculator, please direct those questions and comments to Agency Legal Services personnel. Agency Legal Services can be reached at (212) 922-0050.
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.