40-3505. Insuring of certain risks prohibited. (a) A mortgage guaranty insurance company shall not insure loans secured by a single risk in excess of ten percent (10%) of its aggregate capital, surplus and contingency reserve.
(b) No mortgage guaranty insurance company shall have more than twenty percent (20%) of its total insurance in force in any one standard metropolitan statistical area ("SMSA"), as defined by the United States department of commerce. The provisions of this subsection shall not apply to a mortgage guaranty insurance company until it has possessed a certificate of authority in this state for three (3) years.
History: L. 1977, ch. 154, ยง 5; Jan. 1, 1978.
Structure Kansas Statutes
Article 35 - Mortgage Guaranty Insurance Companies
40-3503 Capital and surplus requirements.
40-3504 Requirements prior to issuance of policies.
40-3505 Insuring of certain risks prohibited.
40-3507 Investments; prohibitions.
40-3509 Certificate of authority; eligibility for; time for compliance.
40-3512 Limitation on outstanding liability; temporary waiver.
40-3516 Unearned premium reserve requirement.
40-3517 Case basis and other loss reserves requirements.