reglab/housing_qa huggingface dataset:
TX Ins Code § 3502.101 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter C. Forms and Rates|Section 3502.101. Rate Filings

Sec. 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 insurer must file the rate and supplementary rate information, and any changes to the rate or supplementary rate information, with the department.(b)  The rate filing must include adequate supporting data, including:(1)  information on:(A)  past and prospective loss experience in this state and outside the state;(B)  catastrophe hazards;(C)  expenses of operation; and(D)  a reasonable margin for profit and contingencies;(2)  an explanation of the insurer's interpretation of any statistical data on which the insurer relied;(3)  an explanation and description of the methods used in making the rates; and(4)  certification by an appropriate official of the insurer relating to the appropriateness of the charges, rates, or rating plans based on reasonable assumptions and accompanied by adequate supporting information.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.102 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter C. Forms and Rates|Section 3502.102. Rate Standards

Sec. 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 the benefits provided.(b)  This chapter does not require the department to:(1)  establish standard and absolute rates or a single and uniform rate for each risk or risks; or(2)  compel all insurers to adhere to rates previously filed by other insurers.(c)  The department may accept different rates for different insurers for the same risk or risks on mortgage guaranty insurance.  The department may accept different rates for different insurers as filed by any authorized insurer unless the department finds that the filing does not meet the requirements of this chapter.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.103 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter C. Forms and Rates|Section 3502.103. Recording and Reporting of Loss and Expense Experience and Other Data

Sec. 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 guaranty insurer.  The rules and plans must ensure that each insurer's total loss and expense experience is made available in the form and with the detail the commissioner considers necessary.(b)  Each mortgage guaranty insurer shall use the statistical plans adopted under this section to record and report loss experience and other required data in accordance with the rules adopted by the commissioner.(c)  The commissioner may modify statistical plans adopted under this section.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.104 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter C. Forms and Rates|Section 3502.104. Policy Form Filings

Sec. 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 form, classification, or rule in this state, the insurer must file the form, classification, or rule with the department.(b)  This subsection applies only to a policy form, related form, classification, or rule a mortgage guaranty insurer uses in this state for a policy that provides coverage for a pool or group of loans in connection with the issuance of mortgage-backed securities or bonds.  Not later than the 15th day after the date the insurer uses the form, classification, or rule, the insurer shall file the form, classification, or rule with the department.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.105 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter C. Forms and Rates|Section 3502.105. Policy Form Standards

Sec. 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)  contains a provision that encourages misrepresentation or is unjust, unfair, inequitable, misleading, deceptive, or contrary to law or to the public policy of this state.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.106 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter C. Forms and Rates|Section 3502.106. Claim Against Residential Borrower

Sec. 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 a deficiency arising from a foreclosure sale of a single-family dwelling that is occupied by the borrower as the borrower's principal residence.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.107 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter C. Forms and Rates|Section 3502.107. Exemption; Withdrawal of Approval

Sec. 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), is exempt from department approval.(b)  If the commissioner finds, after notice and hearing, that the filing of a policy form, related form, classification, or rule is no longer in the best interest of the public, the commissioner may issue an order:(1)  suspending the exemption under Subsection (a) with respect to one or more insurers that filed the form, classification, or rule; and(2)  requiring each affected insurer to cease and desist using the form, classification, or rule, as the commissioner specifies.(c)  If the commissioner finds, after notice and hearing, that a filed policy form or rate no longer meets the requirements of this code, the commissioner may issue an order withdrawing approval of the form or rate.  The order must specify the reasons the form or rate no longer meets the requirements.  An order under this subsection may not take effect until the 30th day after the date the commissioner issues the order.(d)  The commissioner must provide to each insurer that filed a form, classification, rule, or rate that is the subject of a hearing under this section notice of the hearing not later than the 20th day before the date of the hearing.  The notice must specify the matters to be considered at the hearing.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.108 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter C. Forms and Rates|Section 3502.108. Rules

Sec. 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 purpose of this chapter and the public policy of this state; and(2)  necessary to establish guidelines, procedures, methods, standards, and criteria by which the types of forms and documents submitted to the department are to be reviewed and acted on by the department.(b)  The department may establish requirements for data and information filed under this chapter.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.151 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter D. Financial Requirements|Section 3502.151. Definition

Sec. 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 Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.152 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter D. Financial Requirements|Section 3502.152. Capital and Surplus Requirements

Sec. 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 company.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.153 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter D. Financial Requirements|Section 3502.153. Unearned Premium Reserve

Sec. 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 a policy covering a risk period of more than one year, the unearned premium reserve must be computed in accordance with standards adopted by the commissioner after appropriate hearings.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.154 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter D. Financial Requirements|Section 3502.154. Loss Reserve

Sec. 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 not reported.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.155 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter D. Financial Requirements|Section 3502.155. Contingency Reserve

Sec. 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 and report the contingency reserve as a liability in the insurer's financial statements.(b)  To establish and maintain the contingency reserve, the mortgage guaranty insurer shall annually contribute to the contingency reserve 50 percent of the earned premiums on the insurer's mortgage guaranty insurance business.  The reserved earned premiums may be released to the insurer's surplus annually after the premiums have been maintained for 120 months.(c)  In addition, the mortgage guaranty insurer may withdraw premiums from the contingency reserve in any year for which the insurer can demonstrate to the department that the incurred losses for that year exceed 35 percent of the corresponding earned premiums for that year.  The insurer shall reduce any subsequent annual release to surplus from the established contingency reserve by an amount equal to the amount withdrawn and released for the losses.  The insurer shall deduct from subsequent annual releases any balance that exceeds the normal annual release from the contingency reserve.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.157 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter D. Financial Requirements|Section 3502.157. Limit on Insurance of Certain Loans

Sec. 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 in a single housing tract or a contiguous tract in an amount that exceeds 10 percent of the insurer's capital, surplus, and contingency reserve.(c)  In determining the amount of risk under this section, a mortgage guaranty insurer shall deduct from the total direct risk insured any applicable reinsurance in an assuming insurer authorized to engage in the business of mortgage guaranty insurance in this state.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.201 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter E. Lender Powers and Duties|Section 3502.201. Definition

Sec. 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 1, 2007.|
TX Ins Code § 3502.202 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter E. Lender Powers and Duties|Section 3502.202. Notice of Borrower's Right to Cancel

Sec. 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 printed in at least 10-point boldfaced type:"NOTICE OF RIGHT TO CANCEL PRIVATE MORTGAGE INSURANCE:  If you currently pay private mortgage insurance premiums, you may have the right to cancel the insurance and cease paying premiums.  This would permit you to make a lower total monthly mortgage payment and to possibly receive a refund of any unearned premiums on the policy. In most cases, you have the right to cancel private mortgage insurance if the principal balance of your loan is 80 percent or less of the current fair market appraised value of your home.  If you want to learn whether you are eligible to cancel this insurance, please contact us at (address and telephone number of lender) or the Texas Department of Insurance consumer help line at (the appropriate toll-free telephone number)."(b)  If federal law requires a lender to provide a borrower with a written notice containing substantially the same information required by Subsection (a), a lender that provides the notice required by federal law within the period prescribed by federal law satisfies the notice requirement of Subsection (a).|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.203 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter E. Lender Powers and Duties|Section 3502.203. Refund of Premium

Sec. 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 later than the 10th business day after the date the lender receives the refund.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3502.204 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3502 - Mortgage Guaranty Insurance|Subchapter E. Lender Powers and Duties|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 authorized real estate securities are insured by a mortgage guaranty insurer, may not state in a brochure, pamphlet, or report or any form of advertising that the real estate loans of the bank, savings and loan association, insurer, or seller-servicer are "insured loans" unless:(1)  the brochure, pamphlet, report, or advertising also:(A)  clearly states that the loans are insured by private insurers; and(B)  lists the names of the private insurers; and(2)  the insurance on the real estate loans is written by an insurer authorized to write that insurance in this state.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3503.001 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3503 - Surety Bonds and Related Instruments|Subchapter A. Certain Required or Permitted Obligations|Section 3503.001. Definition

Sec. 3503.001.  DEFINITION.  In this subchapter, "obligation" means a bond, undertaking, recognizance, guaranty, or other obligation that is by law or by a charter, ordinance, or rule of a municipality, board, body, organization, court, or public officer required or permitted to be made, given, tendered, or filed to guarantee the performance of an act, duty, or obligation or the refraining from an act.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3503.002 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3503 - Surety Bonds and Related Instruments|Subchapter A. Certain Required or Permitted Obligations|Section 3503.002. Execution of Obligation by Surety Company

Sec. 3503.002.  EXECUTION OF OBLIGATION BY SURETY COMPANY.  (a)  A surety company authorized to engage in business in this state may execute an obligation.(b)  Except as provided by Section 3503.004 or 3503.005, the execution of an obligation by a surety company under Subsection (a) is in full compliance with each law, charter, ordinance, or rule that requires:(1)  the obligation to be executed by one or more sureties; or(2)  the executing sureties to possess any qualification, including the requirement that a surety be a resident, householder, or freeholder.(c)  Each municipality, board, body, organization, court, public officer, and head of department shall accept and treat an obligation executed by a surety company under Subsection (a) as fully complying with each law, charter, ordinance, or rule described by Subsection (b).|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3503.003 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3503 - Surety Bonds and Related Instruments|Subchapter A. Certain Required or Permitted Obligations|Section 3503.003. Designation of Agent by Corporate Surety Required

Sec. 3503.003.  DESIGNATION OF AGENT BY CORPORATE SURETY REQUIRED.  Notwithstanding Section 3503.002, in specifications by a municipality for work or supplies for which sealed bids are required, the municipality may require that a corporate surety tender designate, in a manner satisfactory to the municipality, an agent:(1)  who is a resident of the county in which the municipality is located; and(2)  to whom any required notices may be delivered and on whom process may be served in matters arising out of the suretyship.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.|
TX Ins Code § 3503.004 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3503 - Surety Bonds and Related Instruments|Subchapter A. Certain Required or Permitted Obligations|Section 3503.004. Written Certification of Reinsurance as Condition of Acceptance of Obligation

Sec. 3503.004.  WRITTEN CERTIFICATION OF REINSURANCE AS CONDITION OF ACCEPTANCE OF OBLIGATION.  (a)  If an obligation is in an amount that exceeds 10 percent of the surety company's capital and surplus, the municipality, board, body, organization, court, or public officer may require, as a condition of accepting the obligation, written certification that the surety company has reinsured the portion of the risk that exceeds 10 percent of the surety company's capital and surplus with one or more reinsurers who are authorized, accredited, or trusteed to engage in business in this state.(b)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 1147, Sec. 14.002, eff. September 1, 2011.(c)  On request, the department shall provide the amount of the allowed capital and surplus, as of the date of the last annual statutory financial statement, for a surety company or reinsurer authorized to engage in business in this state.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1147 (H.B. 1951), Sec. 14.002, eff. September 1, 2011.|
TX Ins Code § 3503.005 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3503 - Surety Bonds and Related Instruments|Subchapter A. Certain Required or Permitted Obligations|Section 3503.005. Additional Requirements for Certain Bonds

Sec. 3503.005.  ADDITIONAL REQUIREMENTS FOR CERTAIN BONDS.  (a)  A bond that is made, given, tendered, or filed under Chapter 53, Property Code, or Chapter 2253, Government Code, may be executed only by a surety company that is authorized to write surety bonds in this state.  If the amount of the bond exceeds $100,000, the surety company must also:(1)  hold a certificate of authority from the United States secretary of the treasury to qualify as a surety on obligations permitted or required under federal law; or(2)  have obtained reinsurance for any liability in excess of $1 million from a reinsurer that:(A)  is an authorized reinsurer in this state; or(B)  holds a certificate of authority from the United States secretary of the treasury to qualify as a surety or reinsurer on obligations permitted or required under federal law.(b)  To determine whether the surety on the bond or the reinsurer holds a certificate of authority from the United States secretary of the treasury, a party may conclusively rely on the list published in the Federal Register by the United States Department of the Treasury, covering the date on which the bond was executed, of the companies holding certificates of authority as acceptable sureties on federal bonds and as acceptable reinsuring companies.  A purchaser, insurer of title, or lender acquiring or insuring an interest in or title to real property may also conclusively rely on, and is protected by, a statement on a recorded bond or a sworn, recorded statement by the surety that refers to the specific recorded bond and states that, at the time the bond was executed, the surety complied with Subsection (a)(1) or (2).|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1147 (H.B. 1951), Sec. 14.001, eff. September 1, 2011.|
TX Ins Code § 3503.051 (2021)
2021 Texas Statutes|Insurance Code|Title 12 - Other Coverage|Chapter 3503 - Surety Bonds and Related Instruments|Subchapter B. Prompt Payment of Construction Payment Bonds|Section 3503.051. Definitions

Sec. 3503.051.  DEFINITIONS.  In this subchapter:(1)  "Claimant" means a person directly entitled to payment under a construction payment bond.(2)  "Construction payment bond" means a surety agreement or obligation issued to guarantee or assure payment by a principal obligor for work performed or materials supplied or specially fabricated for a public or private construction project.(3)  "Notice of claim" means a written notification by a claimant who makes a claim for payment from the surety company.  The term does not include a routine statutory notice required by Section 53.056 or 53.057, Property Code, or Section 2253.047, Government Code.(4)  "Surety company" means an authorized surety or guaranty company that executes and delivers a construction payment bond as a surety for a principal obligor.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.Amended by: Acts 2021, 87th Leg., R.S., Ch. 690 (H.B. 2237), Sec. 1, eff. January 1, 2022.|