41-611A. MORTGAGE GUARANTY INSURANCE — CONTINGENCY RESERVE. In addition to reserves for unearned premiums and losses, as to mortgage guaranty insurance transacted by it an insurer shall establish and maintain a contingency reserve out of net premiums (gross premiums less premiums returned to policy holders) remaining after establishment of the unearned premium reserve. To the contingency reserve the insurer shall contribute an amount equal to fifty per cent (50%) of such remaining premiums. The annual contributions to the contingency reserve made during each calendar year shall be maintained for a period of one hundred twenty (120) months; except that in any year in which incurred losses of the insurer under mortgage guaranty insurance policies exceed thirty-five per cent (35%) of the corresponding earned premiums, the insurer may withdraw from the contingency reserve an amount equal to not more than the amount of such excess.
History:
[I.C., sec. 41-611A, as added by 1972, ch. 79, sec. 2, p. 159.]
Structure Idaho Code
Chapter 6 - ASSETS AND LIABILITIES
Section 41-601 - “ASSETS” DEFINED.
Section 41-602 - ASSETS AS DEDUCTIONS FROM LIABILITIES.
Section 41-603 - ASSETS NOT ALLOWED.
Section 41-604 - DISALLOWANCE OF “WASH” TRANSACTIONS.
Section 41-605 - LIABILITIES, IN GENERAL.
Section 41-606 - UNEARNED PREMIUM RESERVE.
Section 41-607 - UNEARNED PREMIUM RESERVE FOR MARINE AND TRANSPORTATION INSURANCE.
Section 41-608 - RESERVE FOR DISABILITY INSURANCE.
Section 41-609 - LOSS RESERVES, LIABILITY INSURANCE AND WORKER’S COMPENSATION.
Section 41-610 - INCREASE OF INADEQUATE LOSS RESERVES.
Section 41-611 - RESERVE FOR LOSSES AND UNEARNED PREMIUMS — TITLE INSURERS.
Section 41-611A - MORTGAGE GUARANTY INSURANCE — CONTINGENCY RESERVE.
Section 41-612 - STANDARD VALUATION LAW — LIFE INSURANCE.
Section 41-613 - VALUATION OF BONDS.
Section 41-614 - VALUATION OF OTHER SECURITIES.