Bulletin: DC2013002

Date:
December 10, 2013
To:
All District of Columbia Issuing Offices
RE:
LEGISLATIVE UPDATES - Effective Date of Amendments to the Title Insurance Producer Act

Dear Associates:

This Bulletin updates Bulletin DC2013001 concerning the status of the recently passed amendments to the Title Insurance Producer Act.  

On July 10, 2013, the District of Columbia Council passed the Title Insurance Clarification Amendment Act of 2013 (the “Act”). This Act was signed by the Mayor on August 20, 2013. The mandatory 30-day Congressional review period has expired and the Act became effective on November 5, 2013.  

The Department of Insurance Securities and Banking (“DISB”) has given oral guidance that it expects all of the required insurance coverage to be in place by January 31, 2014. Please note that this is unofficial guidance so we do recommend that agents take all steps necessary to have the required insurance coverage in place as soon as possible.

In that regard, please note that the form for the required Surety Bond has been posted on the DISB website. It can be found at http://disb.dc.gov/node/667672.

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.

References

Bulletins Replaced:
None
Related Bulletins:
DC2013001 LEGISLATIVE UPDATES - Amendments to the Title Insurance Producer Act
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None