- June 25, 2019
- All Oregon Issuing Offices
- RATES AND/OR FORMS UPDATE - OTIRO Endorsement Changes 2019
At its June 6, 2019, meeting, the Oregon Division of Financial Regulation approved Two (2) New Endorsement Forms, which are based on the ALTA forms. A summary of changes, as provided by OLTA Chairman Cleve Abbe for ODFR’s review, follows:
(1) * * * ADDED * * * ALTA Endorsement 18.2-06 (Multiple Tax Parcel Endorsement, Adopted 08-01-2016) (OTIRO Endorsement No. 218.2-06, Ed. 03-29-2019). The endorsement is added to Section 10.218 of the manual. The charge is $75.00. NOTE: The name of ALTA End. 18.1 is changed to “Multiple Tax Parcel - Easements Endorsement.”
(2) * * * ADDED * * * ALTA Endorsement 23.1-06 (Co-Insurance - Multiple Policies Endorsement, Adopted 08-01-2016, Revised 08-01-2017) (OTIRO Endorsement No. 223.1-06, Ed. 03-29-2019). The endorsement is added to Section 10.223 of the manual. There is no charge for the endorsement.
(3) * * * CORRECTED * * * ALTA Endorsement 40-06 (Tax Credit - Owner’s Policy Endorsement, Adopted 04-02-2014) (OTIRO Endorsement No. 240-06, Approved 12-09-2015, Corrected Ed. 03-29-2019). NOTE: A signature block for the insured and the tax credit investor was omitted inadvertently in a prior filing. The approval corrects the omission.
The above Endorsements can be found in the 2019 OTIRO Rate Manual (attached), and are effective as of June 6, 2019.
There is no need to wait, and any agents or directs ready to use the updated forms may do so as soon as their systems are updated with the new forms.
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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:
- Underwriting Manual:
- Exceptions Manual:
- OTIRO Endorsement No. 218.2-06 (Multiple Tax Parcel Endorsement) (3-29-19)
- OTIRO Endorsement No. 223.1-06 (Co-Insurance - Multiple Policies Endorsement) (Adopted 08-01-2016; Revised 08-01-2017) (3-29-19)
- OTIRO Endorsement No. 240-06 (Tax Credit - Owner’s Policy Endorsement) (12-09-2015; corrected 3-29-19)