New York Insurance Law Article 65 - MORTGAGE GUARANTY INSURANCE COMPANIES

  • 6501 - Definitions.
    In this article: (a) "Mortgage guaranty insurance" means insurance against financial loss by reason of nonpayment of any sum required to be paid under the...
  • 6502 - Financial Requirements.
    (a) A mortgage insurer shall not transact business unless: (1) if a stock insurance company, it has paid-in capital of at least one million dollars...
  • 6503 - Limitations.
    (a) Mortgage guaranty insurance may be transacted in this state only by a company licensed to do so and shall be written only: (1) to...
  • 6504 - Required Approvals; Prohibitions.
    (a) Every mortgage insurer shall file with the superintendent for his approval in accordance with article twenty-three of this chapter its premium rates, forms of...
  • 6505 - Licensing of Agents.
    The standards in subsections (d) through (k), (m) and (o) of section two thousand one hundred three of this chapter shall apply to the licensing...
  • 6506 - Advertising.
    No regulated mortgage investor, any of whose authorized real estate securities are insured by mortgage guaranty insurance pursuant to this article may state in any...
  • 6507 - Reinsurance.
    (a) A mortgage insurer may, by contract, reinsure any insurance it transacts and receive credit for such reinsurance as an asset or as a reduction...
  • 6508 - Additional Powers of Superintendent.
    The superintendent may adopt regulations necessary to carry out this article including restrictions on investments, giving full consideration to the desirability of high liquidity.

Last modified: February 3, 2019