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: NC2012001
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Bulletin: NC2012001
Dear Associates:
The North Carolina Title Rating Bureau submitted and the Department of Insurance has approved a premium rate change for North Carolina title insurance rates. The rates will become effective on March 1, 2012. The new schedule of premium is as follows:
Where one or more Loan Policies are issued simultaneously with an Owners Policy covering identical property for a single premium, a Simultaneous Issue Premium of $25 for each Loan Policy will apply.
The Premium for the issuance of a Commitment is $15.
An Endorsement Premium of $20 shall be charged for each of the following Residential Transaction Endorsements: ALTA Endorsement 5 (Planned Unit Development), ALTA Endorsement 8.1 (Environmental Protection) and ALTA Endorsement 9 (Restrictions, Encroachments, Minerals).
These 3 new premiums are not subject to the reissue rate of 50% of the regular rate.
The remainder of the North Carolina Title Rates will continue in effect. The rate schedule is attached (click here).
As a reminder, agents using AFW should contact PropertyInfo Customer Care to get the new rate changes implemented in their AFW 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.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None