New York A04254 amends the insurance law to allow withdrawals from the contingency reserve for mortgage guaranty insurance if the superintendent.
New York A04254 amends the insurance law to modify the contingency reserve for mortgage guaranty insurance. It allows for withdrawals from this reserve if the superintendent determines that such withdrawals will not be harmful to policyholders. The contingency reserve is established from net premiums remaining after the unearned premium reserve is set. Companies must contribute fifty percent of remaining earned premiums to this reserve.
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