Bulletin: LA2013002

Date:
August 27, 2013
To:
All Louisiana Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - ALTA 12 and ALTA 13 Series Endorsement Forms - Form and Rate Rule Changes

Dear Associates:

The Louisiana Department of Insurance has approved a Form and Rate Rule filing made by LATISSO effective September 1, 2013, for the endorsements referenced below. 

ALTA 12-06 (Aggregation - Loan Policy) 04-02-13 (effective 09/01/13)

This is a revision to the prior ALTA 12-06 endorsement version. This version makes minor clarifications to Section 1 which sets forth the identifying information of each of the individual policies being aggregated and to Sections 4, 5 and 6 which set forth the modifications that are necessary in Section 7, 8 and 10 of the Conditions of the Policy.

Rate has not changed and remains at 15 cents per thousand of the policy liability with a minimum premium of $75.

ALTA 12.1-06 (Aggregation - State Limits - Loan Policy) 04-02-13 (effective 09/01/13)

This is a new endorsement form and rate rule. This endorsement is intended for use in instances where aggregation coverage is requested and the total principal amount secured by all mortgages insured under the policies to be aggregated is larger than the single risk state limitation in one or more of the states in which the properties insured under the aggregated policies is/are located. Section 3 b of this endorsement limits the aggregate amount of insurance coverage the insurer is able to provide to the single risk limit applicable to the particular state(s) and amount(s) listed in Section 3 b. Section 6 (b)(ii) is modified to reflect that certain payment made will not reduce the Aggregate Amount of Insurance set forth in Section 3 b until the Aggregate Amount of Insurance applicable in Section 3 a, computed according to the terms of the Conditions, is reduced below the Aggregate Amount of Insurance set forth in Section 3 b.

Rate:  15 cents per thousand of the policy liability with a minimum premium of $75.

ALTA 13-06 (Leasehold - Owner Policy) 04-02-12 (effective 09/01/13)

This is a revision to the prior ALTA 13-06 endorsement version. This version makes minor clarifications that are consistent with the ALTA 36 series endorsements and the provisions that pertain to the valuation of the estate or interest insured in computing loss or damage under the policy and additional items of loss covered.

Rate has not changed and remains at $0.

ALTA 13.1-06 (Leasehold - Loan Policy) 04-02-12 (effective 09/01/13)

This is a revision to the prior ALTA 13.1-06 endorsement version. This version makes minor clarifications that are consistent with the ALTA 36 series endorsements and the provisions that pertain to the valuation of the estate or interest insured in computing loss or damage under the policy and additional items of loss covered.

Rate has not changed and remains at $0.

Questions relating to this bulletin may be directed to Louisiana Underwriting Personnel at (800) 209-4675 or Stewart Legal Services.

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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.