Bulletin: LA2012002

Date:
August 13, 2012
To:
All Louisiana Issuing Offices
RE:
ALTA 3.2-06; ALTA 20-06; ALTA 29.2-06; ALTA 29.3-06 Form Filing and Rate Rule Change

Dear Associates:

The Louisiana Department of Insurance has approved a Form and Rate Rule filing made by LATISSO effective September 1, 2012, for the endorsements referenced below. 

ALTA Endorsement 3.2-06 (Zoning - Land Under Development) 04/02/12 (effective 09/01/12)
This endorsement is a new form and rate rule.  This endorsement may only be issued in connection with a commercial transaction.  It may be issued with an owner or loan policy.  It insures against an adverse final court decree which prohibits the use or uses specified in the endorsement as allowed under applicable zoning ordinances. 

Rate:    20% of the original rate with a minimum premium of $250 

ALTA Endorsement 29.2-06 (Interest Rate Swap - Direct Obligations - Defined Amount) 08/01/11 (effective 09/01/12)
This endorsement is a new form and rate rule. This endorsement may only be issued with a loan policy. Subject to the provisions stated therein, it insures against loss by reason of the invalidity, unenforceability, or lack of priority of the lien of the insured mortgage as security for the Swap Obligation at Date of Endorsement and includes an Additional Amount of Insurance applicable only to loss or damage under the endorsement. 

Rate:    If issued as of Date of Policy is 15% of the original rate with a minimum premium of $500.
            If issued subsequent to Date of Policy is 20% of the original rate with a minimum premium
            of $500.

ALTA Endorsement 29.3-06 (Interest Rate Swap - Additional Interest - Defined Amount) 08/01/11 (effective 09/01/12)
This endorsement is a new form and rate rule. This endorsement may only be issued with a loan policy. Subject to the provisions stated therein, it insures against loss by reason of the invalidity, unenforceability, or lack of priority of the lien of the insured mortgage as security for the Swap Obligation at Date of Endorsement and is designed for issuance when insuring the lien of the insured mortgage that secures a Swap Obligation and includes an Additional Amount of Insurance applicable only to loss or damage under the endorsement.

Rate:    If issued as of Date of Policy is 15% of the original rate with a minimum premium of $500.
            If issued subsequent to Date of Policy is 20% of the original rate with a minimum premium
            of $500.

ALTA Endorsement 20-06 (First Loss - Multiple Parcel Transactions) (effective 09/01/12)
This is a revision to the existing ALTA 20-06 endorsement which was made by ALTA 10/31/11. The changes are mainly grammatical in nature and are not considered to be substantial in nature.

Rate has not changed and remains at 15% of original rate with a minimum premium of $250.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter. 

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.