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ID S1078

Bill

Official Source

Status

Passed

3/26/2015

Primary Sponsor

Commerce and Human Resources Committee

Click for details

Origin

Senate

2015 Regular Session

AI Summary

  • Removes language from Section 41-2653, Idaho Code that limited insurer coverage to 25% of indebtedness or allowed payment of entire indebtedness with title acquisition
  • Retains requirements that insurers not retain risk exceeding 10% of policyholders' surplus on any single loan or contiguous tract properties
  • Maintains restriction that aggregate outstanding mortgage guaranty insurance risk not exceed 25 times the insurer's policyholders' surplus, with director waiver authority
  • Prohibits insurers from accepting new mortgage guaranty insurance risks if outstanding risk liability exceeds limits without director waiver
  • Authorizes director suspension or revocation of certificate of authority for insurers violating these provisions

Legislative Description

Amends existing law to remove language relating to coverage limits.

MORTGAGE INSURANCE

Last Action

Signed by Governor on 03/26/15 Session Law Chapter 127 Effective: 07/01/2015

3/26/2015

Committee Referrals

Business3/4/2015
Judiciary and Rules2/13/2015

Full Bill Text

No bill text available