40-3517. Case basis and other loss reserves requirements. - Kansas Statutes

40-3517

Chapter 40.--INSURANCE Article 35.--MORTGAGE GUARANTY INSURANCE COMPANIES

      40-3517.   Case basis and other loss reserves requirements.A mortgage guaranty insurance company shall compute and maintain adequatecase basis and other loss reserves which accurately reflect loss frequencyand loss severity and shall include components for claims reported and unpaid,and for claims incurred but not reported, including estimated losses on:

      (a)   Insured loans which have resulted in the conveyance of property whichremains unsold;

      (b)   Insured loans in the process of foreclosure;

      (c)   Insured loans in default for four (4) months or for any lesser periodwhich is defined as default for such purposes in the policy provisions; and

      (d)   Insured leases in default for four (4) months or for any lesser periodwhich is defined as default for such purposes in policy provisions.

      History:   L. 1977, ch. 154, § 17; Jan. 1, 1978.