- February 07, 2019
- All New York State Office Counsel, Managers and Agents
- NY Insurance Regulation 208 –Section 228.3
As you all may already know, the Appellate Division has reversed the Supreme Court’s decision on several of the regulation 208’s provisions. In addition to the Appellate Division ruling, Stewart Title Insurance Company has received Supplement No 2. to Insurance Circular Letter No. 1 (2003). This circular letter directs all Title Insurance Underwriters to comply with Section 228.3 (c) (1) (iii) or 228.3 (c)(2), by February 15, 2019. This Bulletin is being sent to advise our policy issuing Agents and Offices that Stewart has elected to comply with 228(c) (2) of Regulation 208.
228.3 (c)(2) requires that Stewart, as well as any member of TIRSA, adopt a uniform five (5%) percent reduction of the current base rate schedule for each category of policy.
Accordingly Stewart, has adopted the TIRSA uniform five (5%) percent Rate filing that TIRSA has submitted to the DFS for approval. The Stewart rate calculator will reflect these changes on February 15, 2019. This new rating structure must be applied to all policy premiums issued on or after February 15, 2019.
Please note, that the rate deviation filed by Stewart, and other underwriters, in 2006, affecting 1-4 family residential dwellings, condos and co-ops, in Zones 1 and 2 for policies under $1,000,000.00 remains in effect. The rate calculator will reflect this deviation as well.
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.
- Bulletins Replaced:
- Related Bulletins:
- NY000620 NY Insurance Regulation 208/Article 78 Petition Appeal
- Underwriting Manual:
- Exceptions Manual: