Bulletin: WV2018002

Date:
October 11, 2018
To:
All West Virginia Issuing Offices
RE:
RATES AND/OR FORMS UPDATE - Revised Schedule of Rate Charges for use in West Virginia

Dear Associates:

Please be advised that the West Virginia Rate Manual and Schedule of Charges was updated August 29, 2018, and approved by the West Virginia Department of Insurance with an effective date for the use of the new manual on October 29, 2018.

There were two basic revisions to the West Virginia Schedule of Charges with this submission. The first revision will be found in two sections, which are on page 6, Schedule C, Item 4(B-1) (Reissue Charge for Owner’s or Leasehold Policies) and on page 7, Schedule D, Item 4 (Refinance Charge for Loan Policies). The change to these two residential sections modified the “Lookback” period of time for these sections from the current five (5) years to extend the time to ten (10) years.

The second revision to the Schedule of Charges and Forms will be found in two commercialsections which will be found on page 6, Schedule C, Item 2 (Charge for Commercial Owner’s or Leasehold Owner’s Policy) and on page 7 under Schedule D, Item 2 (Charge for Commercial Loan or Mortgage Policy). In both of these commercial sections, the minimum charge was adjusted from the current $150 to $250.

NOTE:  Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new rates/forms changes implemented in your system.

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:
WV2017001 RATES AND/OR FORMS UPDATE - Revised Schedule of Rate Charges for use in West Virginia and addition of approved ALTA policy forms, commitments, and endorsements for use in West Virginia
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None