Michigan Laws 500.815a – Establishment of contingency reserve by mortgage guaranty insurer
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Terms Used In Michigan Laws 500.815a
- Commissioner: means the director. See Michigan Laws 500.102
- Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
In addition to the capital, surplus and reserves specified in sections 410, 810 and 815, a mortgage guaranty insurer shall establish a contingency reserve, which shall be reported as a liability in the insurer’s financial statements. The amount of the reserve shall be computed in accordance with rules prescribed by the commissioner.