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Bulletin: KY2023001

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Bulletin: KY2023001

Bulletin Document
V 9
Date: February 17, 2023
To: All Kentucky Issuing Offices
RE: RATES AND/OR FORMS UPDATE - Updated Rate Manual and Forms Effective March 3, 2023

Dear Associates:

An updated Stewart Title Guaranty Company rate manual and new forms and endorsements have been approved for use by the Kentucky Department of Insurance, effective MARCH 3, 2023.

A copy of the new Kentucky rate manual is available here. Significant changes include:

  • Overall rate increase
  • Increased rate for Simultaneous Issue transactions (now $200)
  • Added rates for residential and commercial endorsements
  • Changed definition and pricing guidance on large commercial transactions (now defined as over $5 million)
  • Removal of the rate tables in Appendix A. Rate tables will be created in Excel for distribution to all Kentucky issuing offices.

New forms approved in this filing are:

  • A new version of the 2021 Loan Policy (7-1-21) that will allow the incorporation of a list of endorsements
  • ALTA Short Form Residential Limited Coverage Junior Loan Policy (4-2-22)
  • ALTA Residential Limited Coverage Junior Loan Policy (4-2-22)
  • ALTA Residential Limited Coverage Mortgage Modification Policy (4-2-22)
  • ALTA Endorsement JR 1 (4-2-22)
  • ALTA Endorsement JR 2 (4-2-22)
  • ALTA 23.1 Coinsurance Multiple Policies (5-12-22)
  • ALTA 48 Tribal Waivers and Consents Endorsement (4-2-22)
  • STG Multiple Foreclosure Endorsement (1-23-23)

As a reminder, all 2021 and later policy forms have been filed without the arbitration provision. All forms can be found on our Virtual Underwriter website at www.vuwriter.com, under the Forms tab, and then Kentucky.

Please contact PropertyInfo Customer Care or your title production software vendor to advise them of the new rates and forms effective March 3, 2023.

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