Bulletin: TX2017010

Date:
December 21, 2017
To:
All Texas Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Notice - Revised Policy Guaranty Fee Remittance Form and Rate Increase

Dear Associates:

Please see the announcement from Texas Title Insurance Guaranty Association (TTIGA) concerning the reinstitution of the policy guaranty fee effective January 1, 2018, through December 31, 2018. The fee applies to each new Owner and Loan policy but does not apply to binders or endorsements.

"It is ordered that: 

Title agents must collect a Guaranty Assessment Recoupment Charge (GARC) directly from the purchaser of each owner's policy and each loan policy at the closing of the transaction, from January 1 through December 31, 2018. The GARC is $4.50 for each owner's policy and each loan policy. The recoupment charge is $0 for all other insuring forms for which a premium is charged. 

The GARC will be added to the Schedule of Basic Premium Rates for Title Insurance, Section Ill, Basic Manual of Rules, Rates, and Forms for the Writing of Title Insurance in the State of Texas. A copy of the schedule is attached as Exhibit A. 

All title agents must use the 2018 Guaranty Assessment Recoupment Charge Remittance Form, attached as Exhibit B, to remit the collected recoupment charges to the Guaranty Association on a quarterly basis, as required by Procedural Rule P-30."  

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:
TX2016002 RATES AND/OR FORMS UPDATE - Notice - Revised Policy Guaranty Fee Remittance Form and Rate Increase (Effective April 1, 2016)
 
TX2014008 UNDERWRITING - Texas Title Insurance Guaranty Association Recoupment Charge
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
T-1 TX Owner's Policy of Title Insurance
 
T-1R TX Residential Owner Policy
 
T-2 TX Loan Policy
 
T-2R TX Short Form Residential Loan Policy of Title Insurance and Addendum