Bulletin: BH2023001

As we begin a new year, we share thanks to our valued network of Agents for your partnership and trust in Stewart’s products and services. Our ability to provide exceptional service is only made possible thanks to the care and consideration that our authorized Agent network take with every transaction.

At this time, we would like to remind you of certain important obligations pursuant to the terms of your Underwriting Agreement and as noted in your Agent Guidelines Manual.

Compliance with ICB/FATF regulatory obligations

In accordance with Bulletin BH2022004: Compliance with ICB and FATF Due Diligence Requirements and Stewart’s SDN List Review, you are expected to remain up-to-date and compliant with your regulatory obligations as mandated by the ICB. For up-to-date notifications and guidance, reference should be made to both the ICB’s and FATF’s websites:

   ICB: Announcements & Notices | Insurance Commission (insurancecommissionbahamas.com)
FATF: High-risk and other monitored jurisdictions (fatf-gafi.org)

Stewart SDN List Searches

Please ensure you collect sufficient information concerning the identity of the client/policyholder and that you verify all parties to the closing (seller, buyer, borrower, individual, foreign lender, or other party receiving any significant funds from closing) do not appear on Stewart’s SDN List. For further details, refer to your Agent Guidelines Manual and to Bulletin BH2022003: Stewart SDN List Search Review

Timely Overlimits Approval Requests

Where the proposed transaction liability amount exceeds the agreed to threshold set in your Underwriting Agreement (or related Amendment, if applicable), you must submit an overlimits approval request using the BH Request for Approval to Issue Overlimits in the Bahamas form (“OTL Form”). All overlimit requests must be made prior to and ideally well in advance of your transaction’s closing date. For details, please refer to Guideline: Request for Approval to Issue Overlimits in The Bahamas

Complete Record Keeping and Reporting

Because Stewart’s liability under a policy commences as soon as the premium is collected from the client, it is important that you submit premium reports, remittances, and copies of the final policies within one month after completion and recording of all documents at the registry for the transaction. Stewart relies on timely reporting to ensure it meets its regulatory and operational reporting obligations. Stewart can supply a remittance report template or you may use your own form with Stewart’s pre-approval. For details on wiring instructions for remittances, refer to your Agent Guidelines Manual and to Bulletin BH2022001: Reminder re Premium Remittance and Reporting Obligations for The Bahamas

We are deeply appreciative of your support of Stewart and thank you for the opportunity to serve you and your customers. If you have any questions or concerns, please feel free to contact us at STLBahamas@stewart.com