17:46A-7 - Financial statements - New Jersey Statutes

17:46A-7.  Financial statements
    (a) The provisions of chapter 23 of Title 17 shall apply to mortgage guaranty insurance companies.

    (b) The unearned premium reserve shall be computed as required by the annual  statement form, except that on all policies covering a risk period of more than  1 year the unearned premium reserve shall be computed in accordance with  standards promulgated by the commissioner.

    (c) In addition to the contingency reserve required under subsection (b) of  section 3, the case basis method shall be used to determine the loss reserve,  which shall include a reserve for claims reported and unpaid and claims  incurred but not reported, including:

     (i) Estimated losses on insured loans which have resulted in the conveyance  of property which remains unsold.

     (ii) Insured loans in the process of foreclosure.

      (iii) Insured loans in default for 4 or more months.

     L.1968, c. 248, s. 7, eff. Aug. 12, 1968.