California § 12640.08. 12640.08. (Added by Stats. 1961, Ch. 719.)

California Statutes

§ 12640.08. — 12640.08. (Added by Stats. 1961, Ch. 719.)

California § 12640.08.

JurisdictionCalifornia

Code INSInsurance Code - INS

Div. 2.DIVISION 2. CLASSES OF INSURANCE

Part 6.PART 6. INSURANCE COVERING LAND

Ch. 2A.CHAPTER 2A. Mortgage Guaranty Insurance

Art. 4.ARTICLE 4. Limitations and Restrictions for Transacting Business

This text of California § 12640.08. (12640.08. (Added by Stats. 1961, Ch. 719.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Insurance Code - INS Code § 12640.08. (2026).

Text

A mortgage guaranty insurer shall not insure loans secured by properties in a single housing tract or a contiguous tract in excess of ten (10) percent of the insurer’s policyholders surplus. In determining the amount of such risk, applicable reinsurance in any assuming insurer authorized to transact mortgage guaranty insurance in this State shall be deducted from the total direct risk insured. “Contiguous,” for the purposes of this section, means not separated by more than one-half mile.

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A mortgage guaranty insurer shall not insure loans secured by properties in a single housing tract or a contiguous tract in excess of ten (10) percent of the insurer’s policyholders surplus. In determining the amount of such risk, applicable reinsurance in any assuming insurer authorized to transact mortgage guaranty insurance in this State shall be deducted from the total direct risk insured. “Contiguous,” for the purposes of this section, means not separated by more than one-half mile.