Bulletin: SLS2009016

Date:
November 06, 2009
To:
All Issuing Offices
RE:
ALTA Policy Licensing Initiative

Dear Associates:

The American Land Title Association has recently introduced a licensing initiative regarding the use of its policy forms. A license to use ALTA's policy forms will be provided free to all ALTA members. Companies, including title insurance agents, that are not members of the ALTA will be required to pay an annual licensing fee of $195 payable to ALTA.

According to the attached ALTA pronouncements, all non-ALTA members will be granted a free ALTA membership that begins October 2009, along with a license to use ALTA's forms for the remainder of 2009. In 2010, those companies, including title insurance agents and title insurance companies, must choose to either continue their ALTA membership or purchase the yearly license from ALTA in order to write on the policy forms.

Additional information regarding ALTA and this initiative is available online at:

Policy Forms License Program:
http://www.alta.org/images/PDF/09-09-04_ALTA_PolicyFormsLicense.pdf  

Licensing Program Basics and Frequently Asked Questions:
http://www.alta.org/images/PDF/09-09-04_LicenseProgramBasicFAQ.pdf  

ALTA Home Page/ALTA Membership Information:
http://www.alta.org/index.cfm  

If you have questions related to this bulletin, please contact Stewart Legal Services or your local underwriting personnel.

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:
None
Related Bulletins:
MU2008002 New ALTA Forms
 
MU2009006 New ALTA Forms
 
SLS00307 2006 ALTA Forms
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None