Bulletin: SD2023001

Dear Associates:

Effective July 7, 2023, an updated Stewart Title Guaranty Company rate manual and new forms and endorsements have been approved for use by the South Dakota department of insurance.

The revised rate manual is available here. Significant changes include:  

1. Owners and Leasehold Policy: increased the minimum charge, increased the premium for 3 tiers, and changed the liability ranges of the top 2 tiers
2. Loan Policy: increased the minimum charge, increased the premium for 4 tiers, and changed the liability ranges of the top 2 tiers
3. Simultaneous Issue: increased the charge when owners and mortgage policies are issued simultaneously, increased the minimum when owners and leasehold policies are issued simultaneously, and increased the minimum when 2 owners policies are issued simultaneously
4. Policy Forms and Endorsement lists: added the new 2021 & 2022 ALTA forms and removed several old forms that are no longer used (see below for details)

 The new endorsement forms and/or policies are as follows: 

• ALTA 23.1 Coinsurance Multiple Policies 5-12-22
• ALTA Short Form Residential Limited Coverage Junior Loan Policy (4-2-22)
• ALTA Residential Limited Coverage Mortgage Modification Policy without Arbitration (4-2-22)
• ALTA Residential Limited Coverage Junior Loan Policy without Arbitration (4-2-22)
• ALTA Endorsement JR 1 (4-2-22)
• ALTA Endorsement JR 2 (4-2-22)
• ALTA 48 Tribal Waivers and Consents (4-2-22)
• SD STG Class Action Deletion Endorsement (6-1-23): This endorsement removes the Class Action Deletion clause from a policy so that it is in compliance with South Dakota Codified Law 53-9-1. It should be included whenever a Loan Policy, Owner’s Policy, Junior Loan Policy, or Mortgage Modification Policy is issued.

Agents, please contact PropertyInfo Customer Care or your title production software vendor to get the new form implemented in your systems.

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.