Ala. Admin. Code r. 482-1-043-.04 - Limitations
In addition to laws or regulations otherwise applicable, mortgage guaranty insurers shall be subject to the following limitations:
(a) No insurer shall
retain risk as to any one subject of insurance in any amount exceeding ten (10)
percent of its surplus as to regards policyholders. In determining the amount
of risk retained, applicable reinsurance in any assuming insurer authorized in
this State via a subsisting Certificate of Authority or approved by the
Commissioner shall pursuant to Section
27-5-12, Code of Ala.
1975, may be deducted from the total direct risk
insured.
(b) The real estate loan
secured by a mortgage deed of trust or other instrument constituting a first
lien or charge on real estate is one which a bank, savings and loan
association, mortgage company, or an insurance company is authorized to make.
Author: Commissioner of Insurance
Notes
Statutory Authority: Code of Ala. 1975, ยงยง 27-2-17.
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