515C.1 Definition. “Mortgage guaranty insurance” means insurance against financial loss by reason of nonpayment of principal, interest and other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument constituting a lien or charge on real estate […]
515C.10 Law applicable. All companies writing insurance as authorized by this chapter shall, in addition to the provisions herein, comply with and be subject to all of the provisions of chapter 515 not inconsistent herewith. [C66, 71, 73, 75, 77, 79, 81, §515C.10]
515C.11 Mortgages secured by first lien on real estate. A mortgage guaranty insurer in addition to coverage provided under section 515C.5 may insure mortgages secured by first lien upon improved real estate which is used for commercial purposes, except for those types of commercial properties specifically excluded by the commissioner of insurance. [C71, 73, 75, […]
515C.2 Eligibility for insurance. Eligibility for mortgage guaranty insurers shall be as follows: 1. An insurer, in order to qualify for writing mortgage guaranty insurance, must have the same surplus to policyholders as that required of a multiple line company by section 515.8. 2. An insurer transacting any class of insurance other than mortgage guaranty […]
515C.3 Bases for computations. The unearned premium reserve shall be computed pursuant to rules adopted by the commissioner of insurance. [C66, 71, 73, 75, 77, 79, 81, §515C.3] 2000 Acts, ch 1023, §31, 60
515C.4 Contingency reserve. For the protection of the people of this state and for the purpose of protecting against the effect of adverse economic cycles, the company shall establish a contingency reserve. The company shall annually contribute fifty percent of the earned premiums to this reserve. The earned premiums so reserved may be released annually […]
515C.5 Limit of outstanding liability. 1. Unless a request to suspend the requirements of this section is granted by the commissioner as set forth in subsection 2, a mortgage guaranty insurer shall not at any time have outstanding a total liability, net of reinsurance, in excess of twenty-five times its capital, unassigned funds, and contingency […]
515C.6 Determination of loss reserves. The case basis method shall be used to determine the loss reserves, which shall include a reserve for claims reported and unpaid and a reserve for claims incurred but not reported. [C66, 71, 73, 75, 77, 79, 81, §515C.6]
515C.7 Rate-making provisions. Mortgage guaranty insurance shall be subject to the provisions of chapter 515F, for the purposes of rate making. [C66, 71, 73, 75, 77, 79, 81, §515C.7] 93 Acts, ch 88, §24
515C.8 Policy forms approved. All policy forms and endorsements shall be filed with and be subject to the approval of the commissioner of insurance. With respect to owner-occupied single family dwellings and owner-occupied mobile homes, the mortgage insurance policy shall provide that the borrower shall not be liable to the insurance company for any deficiency […]
515C.9 Restrictions on advertising. No bank, savings association, insurance company, or other lending institution, any of whose authorized real estate securities are insured by mortgage guaranty insurance companies, may state in any brochure, pamphlet, report, or any form of advertising that the real estate loans of the bank, savings association, insurance company, or other lending […]
