2005 Arizona Revised Statutes - Revised Statutes §20-1547  Mortgage guaranty insurance as monoline

A. A mortgage guaranty insurance company that anywhere transacts any class of insurance other than mortgage guaranty insurance is not eligible for the issuance or renewal of a certificate of authority to transact mortgage guaranty insurance in this state.

B. A mortgage guaranty insurance company that anywhere transacts the classes of insurance defined in section 20-1541, paragraph 4, subdivision (b) or (c) is not eligible for a certificate of authority to transact in this state the class of mortgage guaranty insurance defined in section 20-1541, paragraph 4, subdivision (a). A mortgage guaranty insurance company that transacts a class of insurance defined in section 20-1541, paragraph 4, subdivision (a) may write up to five per cent of its insurance in force on residential property designed for occupancy by five or more families.