Bulletin: TX2018001

Date:
February 22, 2018
To:
All Texas Issuing Offices
RE:
UNDERWRITING - Annual Escrow Audits Reminder

Dear Associates:

Please allow this bulletin to serve as a reminder of the procedure for submitting your Annual Escrow Audits. The audit copies for Stewart Title Guaranty Company should be forwarded to: 

Stewart Title Guaranty Company - Austin
Attn: Texas Licensing Coordinator
805 Las Cimas Parkway, Building 3, Suite 330
Austin, TX  78746
Phone: 1-800-252-9229 (Ext. 2)
512-362-6886 (Direct)
Fax: 512-342-7061

Please note that the preferred method of delivery is to send a scanned copy to:
texaslicensing@stewart.com

All agencies in Texas are required by the Texas Department of Insurance to have audits of their escrow accounts performed annually by an independent licensed Certified Public Accountant. Within 90 days following the agent's fiscal year end, the audit must be completed and sent to the Texas Department of Insurance and each underwriter represented by the agent (see P-49).  

STG would like to remind you of our procedures regarding these audits:   

  1. We have a schedule of all of the Texas agencies, including fiscal year ends, which we will use to track receipt of the audit reports. If for any reason you change your fiscal year end with the Department of Insurance, please be sure to inform Stewart at the above-referenced address and/or phone number of your new date. 
     
  2. If STG has not received the audit report within 100 days of your fiscal year end, (10 days past the due date to TDI), we will notify your Agency Services Manager, who in turn will contact the agency and request a copy of the report.
  3. If on the 119th day following the agency's fiscal year, (29 days past the due date to TDI), we still have not received the audit report, STG is required by TDI to file a notice alerting them to the fact that the audit report is delinquent.  

STG would like to thank you for your support in following the above procedures and also for your continuing business relationship with our company. 

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:
TX2017003 UNDERWRITING - Annual Escrow Audits Reminder
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None