Bulletin: NY000711

This Bulletin is to advise you of changes to the New York State TIRSA Rate Manual, 7^th Revision effective 10/1/2024. This revision contains all changes approved by the Superintendent of the Department of Financial Services up to and including October 1, 2024. Attached to this Bulletin is the new revised Title Insurance Rate Manual for New York State. You should continue to use the current Rate Manual for all transactions where the policy date is prior to 10/1/2024.

The 7th Revision does not contain any changes to policy rate brackets or Zones.  All rates, including any deviated rates are not affected by this manuals approval. 

Material Changes in the 7^th Revision:

Policy adoption:  On 10/1/2024 only the ALTA form of 2021 Owners and Loans policies set forth in the 7^th revision will be available to be issued.  All 2006 owners and lenders policies forms have been discontinued and cannot be issued in NY.  A comparison chart provided by ALTA is attached herewith to this bulletin. (ALTA Owners Policy Comparison; ALTA Loan Policy Comparison)

The following are the material changes to endorsements in the 7^th Manual revision. The following endorsements no longer valid and cannot be issued in the State of New York.

The following 24 new endorsements expand the coverages offered within the State of New York.

The following 12 endorsements are replaced by 15 endorsements.

The Cluster Endorsement is replaced with:

The existing TIRSA 9 is replaced with the below referenced 9 series endorsement structure.

The 7th revision contains the following 13 endorsements which have been re-written to align better with the newly adopted ALTA 2021 form of owners and loan policies.

The following Endorsements have been re-written to reflect the 2021 ALTA owners and loan policy forms. 

The TIRSA RATE MANUAL-SEVENTH REVISION, effective OCTOBER 1, 2024 contains the following material rule changes: 

SECTION 2: RULES

(A)       All charges, fees and premiums set forth in this manual, pursuant to Section 2314 of the Insurance Law, are mandatory and approved by the Superintendent of the Department of Financial Services and cannot be waived, reduced, or increased, except as provided in Section 2339 of the Insurance Law.

(B)       Any rate, premium, fee, or other charge set forth in this manual shall apply to any transaction closed on or after the effective date of any change in such rate, premium, fee, or other charge, even though application may have been made prior to the effective date of this manual.

(C)       (1)       No form of Policy, Endorsement, or other coverage may be issued which varies the covered risks, conditions, or exclusions of a Policy unless first approved by the Superintendent of the Department of Financial Services. Approved Policies and Endorsements are set forth in Part IV below. No form of Policy not approved by the Department of Financial Services may be issued or updated by Endorsement or otherwise. Notwithstanding the above, nothing herein shall limit a Company from deleting or limiting a covered risk.

(2)       Except as set forth expressly authorized in the TIRSA approved Rate Manual, no affirmative coverage, no additional insurance or express insurance may be added to or provided in the Policy, whether on Schedule B, an Endorsement or otherwise.

Please note the stated prohibition from providing affirmative coverages not specifically authorized by the rate manual. 

In addition to your contractual requirements set forth in the attached Hazardous Risk/Hi Liability bulletins regarding the special risk endorsements set forth in Section 33 of the Manual (See Bulletin NY000710), the New York State Department of Financial Services requires underwriter approval for the following endorsements:

(1)       TIRSA Additional Interest Endorsement: Endorsement charge is Loan Rate or Construction Mortgage Rate, as applicable, per thousand for the Amount of Insurance above the face amount of the Policy. NYDFS Requires Title Insurer Approval Prior to Issuance.

(2)       TIRSA Contract Vendee Endorsement (Commercial): Refer to Section 21(B): “Contract Vendee Insurance, Minimum Insurance” for Endorsement charge. NYDFS Requires Title Insurer Approval Prior to Issuance.

(3)       ALTA 20-06 First Loss—Multiple Parcel Transactions Endorsement: Endorsement charge is 10% of the Loan Rate or Construction Mortgage Rate, as applicable. NYDFS Requires Title Insurer Approval Prior to Issuance.

(4)       TIRSA Mezzanine Financing Endorsement: Refer to Section 19: “TIRSA Mezzanine Financing Insurance” for Endorsement charge. NYDFS Requires Title Insurer Approval Prior to Issuance.

(5)       TIRSA New York City Development Rights Endorsement: Refer to Section 11: “New York City Development Rights” for Endorsement charge. NYDFS Requires Title Insurer Approval Prior to Issuance.

(6)       TIRSA Non-imputation Series of Endorsements: Endorsement charge is 20% of the Owner’s Rate. Refer to Section 18: “Entity Purchase and Non-imputation Endorsement.” NYDFS Requires Title Insurer Approval Prior to Issuance.

(7)       ALTA 46-06 Option Endorsement: Refer to Section 22: “Option Insurance” for Endorsement charge. NYDFS Requires Title Insurer Approval Prior to Issuance.

(8)       TIRSA Commercial Revolving Credit Endorsement for Commercial Credit Line Mortgages Which Secure a Maximum Principal Indebtedness of $3,000,000 or more (RCE-3): 20% of the Loan Rate. NYDFS Requires Title Insurer Approval Prior to Issuance.

(9)       TIRSA Interest Rate Swap Agreement—Additional Interest- Defined Amount Endorsement: Endorsement charge is the Loan Rate or Construction Mortgage Rate, as applicable, per thousand for the Amount of Insurance above the face amount of the Policy. NYDFS Requires Title Insurer Approval Prior to Issuance.

(10)     ALTA 28 Series of Easement and Encroachments Endorsements: Refer to Section 28: “ALTA 28 Series of Endorsements” for Endorsement charges. NYDFS Requires Title Insurer Approval Prior to Issuance.

(11)     ALTA 36 Series of Energy Projects Endorsements: Refer to Section 31: “ALTA 36 Series of Endorsements” for Endorsement charges. NYDFS Requires Title Insurer Approval Prior to Issuance.

(12)     TIRSA Identified Coverage and Risk Exception Endorsement: Endorsement charge is (i) $150 per Identified Risk for Residential Real Property, and (ii) $250 per Identified Risk for Commercial Real Property. NYDFS Requires Title Insurer Approval Prior to Issuance.

(13)     ALTA 35 Series of Minerals Endorsements: Refer to Section 27: “ALTA 35 Series of Minerals Endorsements” for Endorsement charges. NYDFS Requires Title Insurer Approval Prior to Issuance.

(14)     ALTA 27-06 Usury Endorsement: Endorsement charge is $250. NYDFS Requires Title Insurer Approval Prior to Issuance.

(15)     TIRSA 3-06 Zoning- Unimproved Land Endorsement: Refer to Section 23: “TIRSA 3-06 Zoning- Unimproved Land Endorsement” for Endorsement charges. NYDFS Requires Title Insurer Approval Prior to Issuance.

 (16)    ALTA 9 Series of Endorsements: Refer to Section 30: “ALTA 9 Series of Endorsements” for Endorsement charges. NYDFS Requires Title Insurer Approval Prior to Issuance.

Definitional changes:

Several definitions have changed only to reflect the new policy forms or endorsements.   The following material definitions have changed:

Commercial Real Property: real property, including vacant land, located in New York State, and which is not Residential Real Property, as defined below.

Company: each title insurance corporation to which this manual applies and any title insurance agent acting on behalf of such title insurance corporation in the transactions described herein.

Consideration: anything of value paid or transferred in exchange for Residential Real Property or Commercial Real Property, or interest therein, plus the amount of any lien or encumbrance, whether or not assumed or taken subject to, remaining on the Residential Real Property or Commercial Real Property, or interest therein, at the time of transfer, except as otherwise expressly set forth in this manual (see Section 9(C): “Construction Mortgage Insurance, Construction Mortgage Conversion Insurance, Minimum Insurance”; Section 12(B)(3): “Mortgage Refinance Transactions and Subordinate Mortgages”; Section 13(B)(3): “Mortgage Modification and Construction Mortgage Modification ”; and Section 28: “Continuation of Insurance”).

Construction Loan: a building loan, a project loan or any other loan which is advanced in stages, which loan is secured by a Mortgage, the lien of which Mortgage is insured under a Construction Mortgage Policy and for which a Construction Loan Endorsement is to be issued upon each advance of loan proceeds.

Identical Property: the same Residential Real Property or Commercial Real Property (or a portion thereof and/or no additional or other Residential Real Property or Commercial Real Property) as is described in a specifically cited (i) title Policy or (ii) instrument of conveyance, including, without limitation, a deed, a Mortgage, a lease or sublease (or a memorandum thereof) and which specifically cited instrument of conveyance is recorded or to be recorded, whether or not such Residential Real Property or Commercial Real Property or portion thereof has been subdivided or submitted to a condominium regime.

Investor: a person or entity acquiring a direct or indirect interest in an entity that is the owner or lessee of an estate or interest in Residential Real Property or Commercial Real Property insured.

Pending Disbursements Exception: an exception, required in every Construction Mortgage Policy, containing the language specified in Section 2, item (L) of the Rate Manual.

Residential Real Property: real property located in New York State and improved by

(A)         a one- to four-family dwelling; or

(B)         an individual condominium unit used as a dwelling; or

(C)         an individual cooperative apartment/unit used as a dwelling.

(D)         Both (B) and (C) above may include one or more additional units with a use that is ancillary to the use as a dwelling unit (e.g., a maid’s apartment, a parking space or storage unit);

(E)         Any dwelling described in (A), (B) or (C) above may be Residential Real Property notwithstanding the use of a portion thereof for office purposes. The use of a portion of a dwelling for a use other than dwelling or office use shall preclude a determination that the same is Residential Real Property.

Residential Real Property does not include land that is vacant land at Date of Policy.

Simultaneous or Simultaneously: occurring on the same calendar day.

The Stewart Title Rate Calculator will be updated on 10/1/2024 to reflect the changes in the 7^th Revision. A full copy of the rate manual and associated remittance codes are attached to this bulletin. (TIRSA Rate Manual; Remittance Codes)  

Attachments: TIRSA Rate Manual; ALTA Owners Policy Comparison; ALTA Loan Policy Comparison; Remittance Codes