ARTICLE 2. Capital, Surplus and Contingency Reserve Requirements [12640.03. - 12640.06.]

Article 2 added by Stats. 1961, Ch. 719.

§§ 12640.03–12640.06 · 4 sections

• § 12640.03 An insurer shall not transact the business of mortgage guaranty insurance unless it has paid-in capital of at least one million dollars ($1,000,000) and…
• § 12640.04 (a) In addition to the paid-in capital and surplus provided in Section 12640.03, each mortgage guaranty insurer shall establish a contingency reserve after…
• § 12640.05 (a) A mortgage guaranty insurer shall maintain a policyholders surplus in an amount not less than the amount required by this section. The policyholders…
• § 12640.06 A mortgage guaranty insurer shall not declare any dividends except from undivided profits remaining on hand over and above the aggregate of its paid-in…