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: BH2022002
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Bulletin: BH2022002
Dear Agents:
In our Premium Reporting Obligations Bulletin (issued August, 2021) we reminded you of your obligation to submit premium reports on a timely basis. Because Stewart’s liability under a policy commences as soon as you collect premium from your client, it is important you remit no later than 30 days from the end of the calendar month in which the closing was completed. Additionally, timely remittance ensures policy protections for your client from the time their ownership is established—regardless of registry restrictions and registration delays. To refresh on your premium reporting obligations, please refer to our reminder bulletin dated September 15, 2022 which is posted on www.vuwriter.com
As in the past, by January 5, 2023, we will require confirmation from all Agents that all transactions from the prior calendar year have been remitted and reported and/or identification of any outstanding “closed” transactions from the prior calendar year that have not yet been reported to Stewart.
We will contact you directly in mid-December 2022 as a reminder of this confirmation requirement. Failure to respond in a timely manner may result in revocation of your “good standing” with Stewart. You will also be required to complete and submit a confirmation of gross premium written and related costs for policies sold during the prior calendar year as well as the outstanding balance owed at year-end directly to our auditors, Ernst & Young LLP.
As always, we appreciate your continued cooperation. Please do not hesitate to contact us with any concerns or comments that you may have respecting this or our prior Bulletins. All inquiries or notifications can be sent to Sue Duva, sduva@stewart.com or STLBahamas@stewart.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None