Bulletin: MD2023001

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Bulletin: MD2023001

Bulletin Document
V 3
Date: March 28, 2023
To: All Maryland Issuing Offices
RE: RATES AND/OR FORMS UPDATE - New Maryland Rate Manual and Schedule of Charges

Dear Associates:

Stewart Title Guaranty Company has filed revised rates with the Maryland Insurance Administration which will become effective March 27, 2023. An electronic version of the rate book can be found here for your convenience.

The rate changes were as follows:

  1. An approximate 6% increase across all tiers and products.
  2. The creation of extension rates for owners’ policies as well as rates to upgrade from a basic owner’s policy to homeowner’s policy.
  3. An increase of the CPL fee from $30 to $50.

The forms approved in this filing include the following:

  • 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 Endorsement JR 1 (4-2-22)
  • 9074 ALTA Endorsement JR 2 (4-2-22)
  • 9075 ALTA 48 Tribal Waivers and Consents (4-2-22)
  • 9011 ALTA Loan Policy of Title Insurance, Schedule A, BI, BII (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.

Please remember to continue using the current rate manual for all transactions closing before March 27, 2023.

Agents, please contact PropertyInfo Customer Care or your title production software vendor to get the new rates 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