™Your Policy Risk Impact Agent
19 chapters · 2,278 sections in this title.
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.History.—s. 2, ch. 59-182; s. 2, ch. 81-318; ss. 2, 11, 12, ch. 83-281; s. 5, ch. 93-21.
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…