Bulletin: NV2024001

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Bulletin: NV2024001

Bulletin Document
V 1
Date: February 01, 2024
To: All Nevada Issuing Offices
RE: RATES AND/OR FORMS UPDATE - Revised Nevada Agency Rate Manual

Dear Associates:

The Nevada Division of Insurance has approved the following form and rate revisions, which become effective February 5, 2024:

A copy of the Revised Nevada Agency Manual of Charges and Forms for Title Insurance is available here.

A summary of the changes to the Rate Manual is outlined below.

  • Sections I, II, and III: Original Issue Charges for Owner’s or Loan Policies - Re-zoned several counties. 
  • Section IV: A. Reissue of Owner’s insurance where no transaction is involved - Revised to 50% of the Basic Charge.
  • Section IV: B. Reissue of Owner’s insurance to include a loan – This is a new section. 35% of the Basic Charge.
  • Section XIII: J. Refinance charge for loan policies - Revised to 55% of the Basic Charge.
  • Section V: Sale with a binder to insure resale – This is a new section. 110% of the Basic Charge based upon the full value of the initial sale for a commitment to insure a subsequent resale to an ultimate purchaser through a 2006 ALTA Standard Coverage Form Policy.
  • Section XXI: Endorsements – Updated endorsement table to reflect all filed endorsements. Removed endorsements that are no longer used (see below).

The new forms approved in this filing include the following:

  • 2910 CLTA Subdivision Guarantee 6-5-14
  • 2915 CLTA Trustee's Sale Guarantee 2-3-17
  • 9067 ALTA 23.1 Coinsurance Multiple Policies 5-12-22
  • 9070 ALTA Residential Limited Coverage Junior Loan Policy 4-2-22
  • 9071 ALTA Residential Limited Coverage Mortgage Modification Policy 4-2-22
  • 9072 ALTA Short Form Residential Limited Coverage Junior Loan Policy (4-2-22)
  • 9073 ALTA JR 1 4-2-22
  • 9074 ALTA JR 2 Future Advance 4-2-22
  • 9075 ALTA 48 Tribal Waivers and Consents 4-2-22
  • 9123 Maximum Loss Endorsement
  • 9936 General Endorsement
  • 9011 ALTA Loan Policy of Title Insurance, Schedule A, BI, BII with Arbitration (7-1-21) - This form was originally filed and approved in 2021, but it did not include a Schedule A with item #6. The version approved in this filing includes item #6 so that the option to incorporate a list of endorsements is now available.

The forms withdrawn in this filing include:

  • Revolving Credit/Variable Rate
  • Currency Fluctuation
  • CLTA 111.5 Variable Rate Mortgage
  • CLTA 111.10 Revolving Credit Loan, Optional Advance

The Rate Manual is attached. Please distribute to the appropriate associates within your company.

These rates/forms have been provided to third-party TPS vendors. Please contact your TPS vendor or account services representative to have the new rates/forms 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:
  • None
Related Bulletins:
  • None
Underwriting Manual:
  • None
Exceptions Manual:
  • None
Forms:
  • None