§ 515C.5 — Limit of outstanding liability

Iowa § 515C.5

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 515C: MORTGAGE GUARANTY INSURANCE

Text

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 reserve. A mortgage guaranty insurer shall not
§515C.5, MORTGAGE GUARANTY INSURANCE 2
insure loans secured by properties in a single housing tract or in a contiguous tract which is
not separated by more than one-half mile in excess of ten percent of its capital, unassigned
funds, and contingency reserve. Coverage may be provided only if the properties in such
tract are residential buildings, buildings designed for occupancy by not more than four
families, or owner-occupied mobile homes.
2. Upon request of a mortgage guaranty insurer, the commissioner may suspend the
requirements contained in subsection 1 for such time and under such conditions as the
commissioner may order. The commissioner may adopt rules as necessary relating to the
consideration of such requests for suspension of those requirements.

Legislative History

[C66, 71, 73, 75, 77, 79, 81, §515C.5]