In reference to Law Times’ coverage of the title insurance industry (see “Title insurance wars heating up once again,” July 11), Stewart Title Guaranty Co. would like to provide further context regarding the need for an important clarification to be made.
While Stewart Title has no particular issue with the Title Insurance Industry Association of Canada, since its inception we made the decision to not become a member, primarily because Stewart Title has a different business philosophy than many of the members of TIIAC.
For example, we do not participate in programs or business initiatives that diminish the role of the legal professional in the conveyancing process and do not have an in-house lender servicing model. In fact, we do not process refinances that would have otherwise been transacted by lawyers.
These differences are evidenced by the fact that we are not embroiled in the Quebec lawsuit mentioned in the article and have not been challenged in other jurisdictions within Canada for unauthorized practice of law.
As a commentary on the industry, we feel that this article missed an opportunity to highlight the very relevant differences between the competing organizations.
It is simply untrue that real estate lawyers need to be concerned about the future of their profession on account of the existence of title insurance within the Canadian marketplace.
While Stewart Title has no particular issue with the Title Insurance Industry Association of Canada, since its inception we made the decision to not become a member, primarily because Stewart Title has a different business philosophy than many of the members of TIIAC.
For example, we do not participate in programs or business initiatives that diminish the role of the legal professional in the conveyancing process and do not have an in-house lender servicing model. In fact, we do not process refinances that would have otherwise been transacted by lawyers.
These differences are evidenced by the fact that we are not embroiled in the Quebec lawsuit mentioned in the article and have not been challenged in other jurisdictions within Canada for unauthorized practice of law.
As a commentary on the industry, we feel that this article missed an opportunity to highlight the very relevant differences between the competing organizations.
It is simply untrue that real estate lawyers need to be concerned about the future of their profession on account of the existence of title insurance within the Canadian marketplace.
Marco Polsinelli
Senior vice president and general
manager, Canada division
Stewart Title Guaranty Co.
manager, Canada division
Stewart Title Guaranty Co.
