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.
Bulletin: IN2010003
Bulletins by State or Territory
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Bulletin: IN2010003
Dear Associates:
The Indiana Department of Insurance (DOI) has issued Bulletin 177 concerning Rebating and Referral Fees. This bulletin is applicable to all insurance producers and companies in the State of Indiana including title insurance producers. The bulletin is intended to clarify Indiana's insurance laws on rebating, commission splitting and referral fees. The bulletin addresses rebates and gifts to consumers related to the purchase of insurance. "Consumer" is not defined and the bulletin does not address rebates and gifts to other settlement service providers. Please note that in instances where the federal Real Estate Settlement Procedures Act (RESPA) is more restrictive than state law with respect to unearned fees, kickbacks, referral fees, charitable contributions and contests and raffles, RESPA is controlling. Specifically, please take the time to review Stewart Bulletin SLS2009015 addressing work share/ support service agreements and compliance with federal law which is more restrictive than state law.
DOI Bulletin 177 can be viewed at the following link:
http://www.stewartaffiliates.com/download/350/docs/DOI_Bulletin_177_Rebates.pdf
DOI Bulletin 158 clarifying Indiana's anti-rebate law for title insurance producers only remains in effect and can be viewed at the following link:
http://www.in.gov/idoi/files/Bulletin158.pdf
If you have questions related to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None