Texas Insurance Code Title 12, Chapter 3502 - Mortgage Guaranty Insurance
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 3502.001 - Applicability Of Chapter
This chapter applies only to mortgage guaranty insurance and does not affect any other provision of this code. Added by Acts 2005, 79th Leg., Ch....
- Texas Section 3502.002 - Applicability Of Other Law
(a) This code and other state laws apply to the business of mortgage guaranty insurance. (b) This chapter controls to the extent of any conflict...
- Texas Section 3502.003 - Mortgage Guaranty Insurance Defined
In this chapter, "mortgage guaranty insurance" means insurance against: (1) financial loss because of nonpayment of principal, interest, and other amounts agreed to be paid...
SUBCHAPTER B MORTGAGE GUARANTY INSURERS
- Texas Section 3502.004 - Authorized Real Estate Security Defined
(a) In this chapter, "authorized real estate security" means: (1) a proprietary lease and a stock membership certificate issued to a tenant stockholder or resident...
- Texas Section 3502.051 - General Eligibility To Write Mortgage Guaranty Insurance
(a) An insurer that writes anywhere any class of insurance other than mortgage guaranty insurance may not be issued or continue to hold a certificate...
- Texas Section 3502.052 - Eligibility Of Foreign Or Alien Insurer To Write Mortgage Guaranty Insurance
The department may not issue a certificate of authority to a foreign or alien insurer writing mortgage guaranty insurance unless the insurer demonstrates a satisfactory...
SUBCHAPTER C FORMS AND RATES
- Texas Section 3502.053 - Discrimination Prohibited
In extending or issuing mortgage guaranty insurance, a mortgage guaranty insurer may not discriminate on the basis of the applicant's sex, marital status, race, color,...
- Texas Section 3502.101 - Rate Filings
(a) Not later than the 15th day before the date a mortgage guaranty insurer uses a rate or supplementary rate information in this state, the...
- Texas Section 3502.102 - Rate Standards
(a) A mortgage guaranty insurance rate, rating plan, or charge may not be excessive, inadequate, or unfairly discriminatory and must be reasonable with respect to...
- Texas Section 3502.103 - Recording And Reporting Of Loss And Expense Experience And Other Data
(a) The commissioner shall adopt reasonable rules and statistical plans for the recording and reporting of loss experience and other required data by a mortgage...
- Texas Section 3502.104 - Policy Form Filings
(a) Except as provided by Subsection (b), not later than the 15th day before the date a mortgage guaranty insurer uses a policy form, related...
- Texas Section 3502.105 - Policy Form Standards
The commissioner shall disapprove a mortgage guaranty insurance policy form if the form: (1) violates this code or rules adopted by the commissioner; or (2)...
- Texas Section 3502.106 - Claim Against Residential Borrower
A mortgage guaranty insurance policy may not contain a provision that allows subrogation rights or any other claim by the insurer against the borrower for...
- Texas Section 3502.107 - Exemption; Withdrawal Of Approval
(a) A policy form, related form, classification, or rule a mortgage guaranty insurer uses in this state, including for a policy described by Section 3502.104(b),...
SUBCHAPTER D FINANCIAL REQUIREMENTS
- Texas Section 3502.108 - Rules
(a) The commissioner may, after notice and hearing, adopt reasonable rules: (1) relating to the minimum standards for coverage under policy forms consistent with the...
- Texas Section 3502.151 - Definition
In this subchapter, "contingency reserve" means an additional premium reserve established to protect policyholders against the effect of adverse economic cycles or losses. Added by...
- Texas Section 3502.152 - Capital And Surplus Requirements
An insurer may not write mortgage guaranty insurance unless the insurer has the minimum capital and surplus required by Chapter 861 for a general casualty...
- Texas Section 3502.153 - Unearned Premium Reserve
(a) Except as provided by Subsection (b), the unearned premium reserve on mortgage guaranty insurance must be computed in accordance with this code. (b) For...
- Texas Section 3502.154 - Loss Reserve
A mortgage guaranty insurer shall determine the loss reserve using the case basis method. The loss reserve must include a reserve for claims incurred but...
- Texas Section 3502.155 - Contingency Reserve
(a) In addition to the capital, surplus, and reserves required by Sections 3502.152, 3502.153, and 3502.154, a mortgage guaranty insurer shall establish a contingency reserve...
- Texas Section 3502.156 - Outstanding Total Liability
(a) Except as provided by Subsection (d), a mortgage guaranty insurer may not at any time have outstanding under the insurer's aggregate mortgage guaranty insurance...
SUBCHAPTER E LENDER POWERS AND DUTIES
- Texas Section 3502.157 - Limit On Insurance Of Certain Loans
(a) In this section, "contiguous" means not separated by more than one-half mile. (b) A mortgage guaranty insurer may not insure loans secured by properties...
- Texas Section 3502.201 - Definition
In this subchapter, "lender" has the meaning assigned by Section 549.001. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April...
- Texas Section 3502.202 - Notice Of Borrower's Right To Cancel
(a) A lender that requires a borrower to purchase mortgage guaranty insurance shall provide annually to the borrower a copy of the following written notice...
- Texas Section 3502.203 - Refund Of Premium
A lender that receives a refund of an unearned mortgage guaranty insurance premium paid by a borrower shall remit the refund to the borrower not...
- Texas Section 3502.204 - Advertising Of "Insured Loans
Sec. 3502.204. ADVERTISING OF "INSURED LOANS." A bank, savings and loan association, insurer, or approved seller-servicer of the Federal National Mortgage Association, any of whose...
Last modified: September 28, 2016