2008 Florida Code
TITLE XXXVII INSURANCE
Chapter 635 MORTGAGE GUARANTY INSURANCE
635.042 Minimum surplus requirement.
635.042 Minimum surplus requirement.--
(1) A mortgage guaranty insurer shall maintain a minimum surplus of not less than the greater of $4 million or 10 percent of the insurer's total outstanding liabilities other than the required contingency reserve. A mortgage guaranty insurer is not required to have a surplus as to policyholders greater than $100 million.
(2) A mortgage guaranty insurer must possess sufficient capital and surplus so that the total outstanding aggregate exposure net of reinsurance under mortgage guaranty policies written by the insurer does not exceed 25 times its paid-in capital, surplus, and contingency reserve combined. A mortgage guaranty insurer shall disclose in the audited financial reports required under s. 624.424(8), the total aggregate exposure net of reinsurance under mortgage guaranty policies written by the insurer.
(3) If a mortgage guaranty insurer is not in compliance with this section, the office may take any action against the insurer that the office may take against an insurer that is not in compliance with s. 624.408.
History.--ss. 5, 12, ch. 83-281; s. 5, ch. 93-21; s. 2, ch. 2001-37; s. 1520, ch. 2003-261.
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