Bulletin: GA2019001

Date:
January 04, 2019
To:
All Georgia Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Georgia Rate Change effective January 7, 2019

Dear Associates:

Stewart Title Guaranty Company has filed a new "All Inclusive Schedule of Charges for Use in the State of Georgia effective January 7, 2019" with the Georgia Department of Insurance. An electronic version of the rate book can be found here for your convenience.

The rates in the new Schedule of Charges effective January 7, 2019, are the rates that all Issuing Offices are required to charge the consumer and upon which Issuing Offices must remit. Therefore, the quotation of rates and the premium charged for policies of title insurance sold by Stewart and our Issuing Offices shall be based only upon our "All Inclusive Schedule of Charges for Use in the State of Georgia" and any additional rates for endorsements. Any other rates must be separate and distinct from premium charges in a transaction. There should be no confusion by the party charged with paying the premium that the premium relates only to those rates for the title insurance policies.

Effective January 7, 2019, Stewart Title rates in Georgia will be revised to reflect the following new rates:

  • $50.00 (instead of $40.00) for Closing Protection Letter.

RESIDENTIAL RATE CHANGES:

  • $4.15 per thousand (instead of $3.75 per thousand) for owner’s policies for residential property with a liability amount of $0.00 to $100,000.00
  • Add $3.65 per thousand (instead of $3.25 per thousand) for owner’s policies for residential property with a liability amount over $100,000.00 to $500,000.00
  • Add $3.10 per thousand (instead of $2.70 per thousand) for owner’s policies for residential property with a liability amount over $500,000.00
  • The enhanced Homeowner’s policy for residential policies will remain 120% (NO CHANGE) of the standard residential owner’s policy premium. 
  • $3.10 per thousand (instead of $2.70 per thousand) for loan policies for residential property with a liability amount of $0.00 to $100,000.00
  • Add $2.65 per thousand (instead of $2.25 per thousand) for loan policies for residential property with a liability amount over $100,000.00 to $500,000.00
  • Add $2.40 per thousand (instead of $2.00 per thousand) for loan policies for residential property with a liability amount over $500,000.00
  • Add $150.00 (instead of $100.00) for owner’s policy when Simultaneous issue of owner’s and loan policy for residential property. 

COMMERCIAL RATE CHANGES:

  • $2.00 per thousand (instead of $1.90 per thousand) for owner’s and loan policies for commercial property with a liability amount of $0.00 to $2,000,000.00.  
  • Add $1.85 per thousand (instead of $1.75 per thousand) for owner’s and loan policies for commercial property with a liability amount over $2,000,000.00 to $5,000,000.00
  • Add $1.25 per thousand (NO CHANGE) for owner’s and loan policies for commercial property with a liability over $5,000,000.00 to $10,000,000.00.

Agents must remit the percentage of the total title charges (policy premium and any rates charged for endorsements) to Stewart in accordance with their underwriting contract. Additionally, Stewart must pay premium tax on both the portion retained by the agent as well as the premium actually remitted to Stewart (see O.C.G.A. 33-8-2 and O.C.G.A. 33-8-8-4), so it is critical that the correct title charges are used to calculate the amount of the premium remitted to Stewart.

SoftPro, LandTech, Qualia, Closer’s Choice, and RamQuest have all been provided with the new rate information. Please contact your software company to request an update for your system with the new rates as follows: 

Softpro - 1-800-848-0143

Landtech - 1-800-835-1523

Qualia - 1-855-713-0081

Closer’s Choice - 1-800-393-4460

RamQuest  - 1-800-542-5503

If you are currently utilizing StewartDocs or AIM, please contact a Stewart technology representative to update your system at Customer Care Center, 888-526-3282. 

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:
GA2016002 RATES AND/OR FORMS UPDATE - Georgia Rate Change effective January 3, 2017
Related Bulletins:
GA2015002 RATES AND/OR FORMS UPDATE - Georgia Rate Change effective November 1, 2015
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None