Chapter 635 — Chapter 635
11 sections in this chapter.
Fla. Stat. § 635.011 Definitions
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As used in this chapter, the term:(1) “Mortgage guaranty insurance” means a form of casualty insurance insuring lenders against:(a) Financial loss by reason of nonpayment of principal, interest, and other sums agreed to be paid under the terms of any note, bond, or other evidence…
Fla. Stat. § 635.021 Authority to transact mortgage guaranty insurance
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Mortgage guaranty insurance may be transacted by a stock casualty insurer or a stock surety insurer holding a certificate of authority for the transaction of insurance in this state.
Fla. Stat. § 635.031 Additional limitations
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In addition to laws otherwise applicable, mortgage guaranty insurers are subject to the following limitations:(1) No such insurer may retain risk as to any one subject of insurance in any amount exceeding 10 percent of its surplus as to policyholders. In determining the amount of…
Fla. Stat. § 635.041 Contingency reserve
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(1) Each mortgage guaranty insurer shall establish and maintain as a liability a contingency reserve out of earned premiums remaining after establishment of the unearned premium reserve. The insurer shall contribute an amount equal to 50 percent of the earned premiums into the co…
Fla. Stat. § 635.042 Minimum surplus requirement
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(1) A mortgage guaranty insurer shall maintain a minimum surplus of not less than the greater of $4 million or 10 percent of the insurer’s total outstanding liabilities other than the required contingency reserve. A mortgage guaranty insurer is not required to have a surplus as t…
Fla. Stat. § 635.051 Licensing and appointment of mortgage guaranty insurance agents
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(1) Effective October 1, 2012, a person may not transact mortgage guaranty insurance unless licensed and appointed as a credit insurance agent in accordance with the applicable provisions of the insurance code. Mortgage guaranty licenses held by persons on October 1, 2012, shall …
Fla. Stat. § 635.061 Premium cost
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For purposes of computing finance charges or determining whether a mortgage loan is usurious, any premium cost of mortgage guaranty insurance that is paid by or collected from the mortgagor as a separate charge shall be deemed to not constitute a part of the cost of, or interest …
Fla. Stat. § 635.071 Filings, approval of forms; rate filings
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(1) No policy form or related form may be issued or used in this state unless it has been filed with and approved by the office as provided by laws applicable to casualty or surety insurance.(2) Each insurer shall file with the office for informational purposes the rate to be cha…
Fla. Stat. § 635.075 Restoration of property
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Mortgage guaranty insurance policies issued for delivery in this state shall contain, as a condition precedent to payment in the event of default, a provision that the insured must restore the property to its condition at the time of issuance of the policy, except for reasonable …
Fla. Stat. § 635.081 Administration and enforcement
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The commission may adopt rules pursuant to ss. 120.536(1) and 120.54 to implement the provisions of this chapter and shall have the same powers of administration and enforcement of the provisions of this chapter as it has with respect to casualty or surety insurers in general und…
Fla. Stat. § 635.091 Provisions of Florida Insurance Code applicable to mortgage guaranty insurance
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The following provisions of the Florida Insurance Code apply to mortgage guaranty insurers: chapter 624; chapter 625; parts I, II, VIII, and X of chapter 626; s. 627.409; s. 627.915; chapter 628; and chapter 631.