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: WY2017001
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Bulletin: WY2017001
Dear Associates:
On November 25, 2016, the Wyoming Department of Insurance issued a memorandum regarding compliance with Wyoming Statute 26-23-308. This is a link to the Memorandum. https://sites.google.com/a/wyo.gov/doi/legal/memorandum. The Memorandum cites Wyo. Code 26-23-308 which states:
No title insurance policy as to property in this state shall be written unless it is
based upon adequate evidence of the current condition of title certified in writing
as of the date of the policy.
The Department of Insurance states the code requires that every file for any title insurance policy must contain a written certification as to the status of title dated as of the date of the closing on the sale or transfer of the property. The certification as to the status of the title shall be signed either by an attorney or by an individual who is qualified to act as an abstractor pursuant to section 33-2-101 Wyoming State Code.
Following the issuance of the Memorandum members of the Wyoming Land Title Association had numerous conversations and exchanges of letters in an attempt to clarify what the “certification” must look like and when it needs to be done. As a result of that effort the Department of Insurance on March 17, 2017, sent a letter to Sasha M. Johnston, President of the Wyoming Land Title Association, addressing the concerns raised by the WLTA. Most importantly, the Department provided a sample form of Certification that could be used in each file that would comply with the statute. Below is the form approved by the Department. This form or something similar must be in each file where a policy of title insurance was issued in order to comply with the above referenced statute.
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CERTIFICATION
FILE REFERENCE: _______________
The undersigned hereby certifies that as of ________________________ (date of policy), a review of the title documents has been performed for the property located at ________________________________ (property address or legal description). The documents evidencing the current status of title have been reviewed, and are identified in the attached document. I further certify that these documents are adequate evidence of current status of title and the property is insurable based upon _______________________ (name of insurance company) underwriting standards.
_____________________________________
Name
_____________________________________
Address
_____________________________________
City/State/Zip
_____________________________________
Telephone number
_____________________________________
License Number and type (if any)
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None