40-3512. Limitation on outstanding liability; temporary waiver. Unless a waiver is granted by the insurance commissioner, a mortgage guaranty insurance company shall not at any time have outstanding a total liability, net of reinsurance, under its aggregate mortgage guaranty insurance policies exceeding 25 times its capital, surplus and contingency reserve. Subject to a waiver which may be granted by the commissioner, in the event that any mortgage guaranty insurance company has outstanding total liability exceeding 25 times its capital, surplus and contingency reserve, it shall cease transacting new mortgage guaranty business until such time as its total liability no longer exceeds 25 times its capital, surplus and contingency reserve. Total outstanding liability shall also be calculated on a consolidated basis for all mortgage guaranty insurance companies which are part of a holding company system as defined in K.S.A. 40-3302, and amendments thereto. Upon the request of a mortgage guaranty insurance company, the commissioner may waive the requirements in this section for such time and under such conditions as the commissioner may order, except that no such waiver shall exceed two years.
History: L. 1977, ch. 154, § 12; L. 2010, ch. 108, § 1; July 1.
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.