Bulletin: OK2018001

Date:
September 13, 2018
To:
All Oklahoma Issuing Offices
RE:
UNDERWRITING - HB 2941 Changes to Title Insurance; Requirements for Deeds; Requests for Title Policy Effective November 1, 2018

Dear Associates:

HB 2941 makes several changes to 36 OS 2011 by adding new section 5001 related to title insurance, including adding requirements to deeds filed in connection with the issuance of an owner’s policy and timeframes for providing certain documents.

Countersignatures on Commitments and Policies

5001. C: Every commitment and policy of title insurance must be countersigned by a title insurance producer for a title insurance company.  

What you should know/do: 

Any direct office or agent issuing Stewart Title Guaranty Commitments or Policies must countersign the Commitment or Policy.

Prior Policies for Preparation of Abstracts

5001. D: A current owner or insured, or the owner’s or insured’s authorized agent may request, in writing, a copy of a previously issued owner’s policy to assist in the examination and preparation of an abstract.

What you should know/do:

A title insurance producer or title insurer must provide the requesting party with a copy of the schedules in the previously issued policy within five (5) business days unless an unavoidable delay exists.  If you receive a request for a prior owner’s policy issued by Stewart Title Guaranty Company from a current owner, insured or an insured’s authorized agent, you must promptly inform the party to direct their request to: 

Stephen A. Clayton
SClayton@stewart.com
713-479-2287
1980 Post Oak Blvd., Ste. 990
Houston, TX 77056.

5001. G: The Insurance Department will be maintaining a contact list of all title insurance producers and title insurers authorized to do business in Oklahoma as well as the contact information for the office or person responsible for making available copies of owner’s policies requested pursuant to the revised statute.

New Legends on Deeds

5001. F: Every instrument of conveyance or vesting title (deeds) filed of record in which an owner’s policy has been issued by Stewart Title Guaranty Company must contain the following legend:

Deed presented for filing by: [Name of title insurance producer, title insurer or person conducting closing]

File Number: [File Number of title insurance producer, title insurer or person conducting closing]

[Name of Title Insurer designated on the Commitment for Title Insurance]

What you should know/do:

AIM+ will automatically add this legend to every Warranty Deed, Special Warranty Deed, and Quitclaim Deed. You must complete this legend with the relevant information, including:

- Your agency or direct operation name
- GF number
- Indicate either Stewart Title Guaranty Company as the title insurer or choose “No 
  Owner Policy Issued” if no owner policy was issued in the transaction.

Any agent receiving “custom deeds” through AIM+ will need to contact the Customer Care Center and submit a ticket to ensure the required legend appears on deeds. 

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:
None
Underwriting Manual:
4.16 Deeds Of Conveyance
Exceptions Manual:
None
Forms:
None