Ala. Admin. Code r. 482-1-043-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-043-.03 - Definition

Mortgage guaranty insurance is insurance for the protection of mortgage lenders against loss by reason of non-payment of mortgage indebtedness by the borrower. This class of insurance may be transacted by an insurer holding a subsisting Certificate of Authority for the transaction of casualty insurance as defined in this Section 27-5-6, Code of Ala. 1975. Pursuant to Section 27-3-26, Code of Ala. 1975, all companies holding a subsisting Certificate of Authority shall annually on or before March 1 file with the Commissioner a statement of its financial condition, transactions and affairs as of the December 31 preceding. Said statement shall be the National Association of Insurance Commissioners Annual Statement Blank as adopted pursuant to Chapter 482-1-097 of the Alabama Administrative Code. Mortgage guaranty insurance of the company shall be recorded and reported therein in accordance with the provisions of the National Association of Insurance Commissioners Statements of Statutory Accounting Principles No. 58.

Author: Commissioner of Insurance

New Rule: January 12, 1976; effective January 22, 1976. Revised: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17.