reglab/housing_qa huggingface dataset:
KS Stat § 40-3503 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3503 Capital and surplus requirements.

40-3503. Capital and surplus requirements. A mortgage guaranty insurance company shall not transact the business of mortgage guaranty insurance unless, if said company is a stock insurance company, it has paid-in capital of at least one million dollars ($1,000,000) and surplus of at least one million dollars ($1,000,000), or if said company is a mutual insurance company, it has a minimum surplus of two million dollars ($2,000,000).History: L. 1977, ch. 154, § 3; Jan. 1, 1978.
KS Stat § 40-3504 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3504 Requirements prior to issuance of policies.

40-3504. Requirements prior to issuance of policies. No mortgage guaranty insurance company may issue policies until it has obtained from the commissioner of insurance a certificate of authority and has complied with the other applicable provisions of chapter 40 of the Kansas Statutes Annotated.History: L. 1977, ch. 154, § 4; Jan. 1, 1978.
KS Stat § 40-3505 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3505 Insuring of certain risks prohibited.

40-3505. Insuring of certain risks prohibited. (a) A mortgage guaranty insurance company shall not insure loans secured by a single risk in excess of ten percent (10%) of its aggregate capital, surplus and contingency reserve.(b) No mortgage guaranty insurance company shall have more than twenty percent (20%) of its total insurance in force in any one standard metropolitan statistical area ("SMSA"), as defined by the United States department of commerce. The provisions of this subsection shall not apply to a mortgage guaranty insurance company until it has possessed a certificate of authority in this state for three (3) years.History: L. 1977, ch. 154, § 5; Jan. 1, 1978.
KS Stat § 40-3506 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3506 Preparation of information and advertisements concerning real estate investments of financial institutions; prohibited conduct.

40-3506. Preparation of information and advertisements concerning real estate investments of financial institutions; prohibited conduct. No mortgage guaranty insurance company or any agent or representative of a mortgage guaranty insurance company shall prepare or distribute or assist in preparing or distributing any brochure, pamphlet, report or any form of advertising to the effect that the real estate investments of any financial institution are "insured investments," unless the brochure, pamphlet, report or advertising clearly states that the loans are insured by mortgage guaranty insurance companies possessing a certificate of authority to transact mortgage guaranty insurance in this state or are insured by an agency of the federal government, as the case may be.History: L. 1977, ch. 154, § 6; Jan. 1, 1978.
KS Stat § 40-3507 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3507 Investments; prohibitions.

40-3507. Investments; prohibitions. A mortgage guaranty insurance company shall not invest in notes or other evidences of indebtedness secured by mortgage or other lien upon real property. This section shall not apply to obligations secured by real property, which obligations or contracts of sale are acquired in the course of the good faith settlement of claims under policies of insurance issued by the mortgage guaranty insurance company, or in the good faith disposition of real property so acquired.History: L. 1977, ch. 154, § 7; Jan. 1, 1978.
KS Stat § 40-3509 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3509 Certificate of authority; eligibility for; time for compliance.

40-3509. Certificate of authority; eligibility for; time for compliance. (a) A mortgage guaranty insurance company which anywhere transacts any class of insurance other than mortgage guaranty insurance is not eligible for the issuance of a certificate of authority to transact mortgage guaranty insurance in this state nor for the renewal thereof.(b) A mortgage guaranty insurance company which anywhere transacts the classes of insurance defined in K.S.A. 40-3502(b)(2) or (3) is not eligible for a certificate of authority to transact in this state the class of mortgage guaranty insurance defined in K.S.A. 40-3502(b)(1) except a mortgage guaranty insurance company which transacts a class of insurance defined in K.S.A. 40-3502(b)(1) may write up to five percent (5%) of its insurance in force on residential property designed for occupancy by five (5) or more families.(c) Any insurance company that is authorized to write mortgage guaranty insurance as defined in this act on January 1, 1977, shall have until May 1, 1983, to comply with the provisions of this section.History: L. 1977, ch. 154, § 9; Jan. 1, 1978.
KS Stat § 40-3510 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3510 Discrimination in issuing or extending insurance prohibited; requirements on lender by insurance company authorized; examination of borrower and appraisal report required prior to writing insurance.

40-3510. Discrimination in issuing or extending insurance prohibited; requirements on lender by insurance company authorized; examination of borrower and appraisal report required prior to writing insurance. (a) No mortgage guaranty insurance company may discriminate in the issuance or extension of mortgage guaranty insurance on the basis of the applicant's sex, marital status, race, color, creed or national origin.(b) Nothing in this act shall be construed as limiting the right of any mortgage guaranty insurance company to impose reasonable requirements upon the lender with regard to the terms of any note or bond or other evidence of indebtedness secured by a mortgage or deed of trust, such as requiring a stipulated down payment by the borrower.(c) No policy of mortgage guaranty insurance excluding policies of reinsurance, shall be written unless and until the insurer or the lender, in compliance with underwriting directives from the insurer and subject to periodic underwriting audits by the insurer shall have conducted a reasonable and thorough examination of: (1) The evidence supporting credit worthiness of the borrower; and (2) the appraisal report reflecting market evaluation of the property and shall have determined that prudent underwriting standards have been met.History: L. 1977, ch. 154, § 10; L. 1995, ch. 55, § 1; July 1.
KS Stat § 40-3511 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3511 Issuance of insurance to lending institutions; extension of coverage to individual loans; consideration as group policies; owner-occupied, single-family dwelling, borrower not liable to company for deficiency arising from foreclosure sale.

40-3511. Issuance of insurance to lending institutions; extension of coverage to individual loans; consideration as group policies; owner-occupied, single-family dwelling, borrower not liable to company for deficiency arising from foreclosure sale. Policies of mortgage guaranty insurance may be issued to lending institutions, with such lending institutions as the named insured. Coverage under such policies may be extended to individual loans by certificates of insurance. Such policies shall be considered as group policies for the purpose of complying with K.S.A. 40-214 and such policies and certificates of insurance shall be filed with the commissioner of insurance in the manner prescribed by K.S.A. 40-216. With respect to owner-occupied, single-family dwellings, the mortgage guaranty insurance policy shall provide that the borrower shall not be liable to the insurance company for any deficiency arising from a foreclosure sale.History: L. 1977, ch. 154, § 11; Jan. 1, 1978.
KS Stat § 40-3512 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3512 Limitation on outstanding liability; temporary waiver.

40-3512. Limitation on outstanding liability; temporary waiver. Unless a waiver is granted by the insurance commissioner, a mortgage guaranty insurance company shall not at any time have outstanding a total liability, net of reinsurance, under its aggregate mortgage guaranty insurance policies exceeding 25 times its capital, surplus and contingency reserve. Subject to a waiver which may be granted by the commissioner, in the event that any mortgage guaranty insurance company has outstanding total liability exceeding 25 times its capital, surplus and contingency reserve, it shall cease transacting new mortgage guaranty business until such time as its total liability no longer exceeds 25 times its capital, surplus and contingency reserve. Total outstanding liability shall also be calculated on a consolidated basis for all mortgage guaranty insurance companies which are part of a holding company system as defined in K.S.A. 40-3302, and amendments thereto. Upon the request of a mortgage guaranty insurance company, the commissioner may waive the requirements in this section for such time and under such conditions as the commissioner may order, except that no such waiver shall exceed two years.History: L. 1977, ch. 154, § 12; L. 2010, ch. 108, § 1; July 1.
KS Stat § 40-3513 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3513 Payments or rebates as inducements or compensation for or in connection with placement of insurance prohibited; penalties for violations.

40-3513. Payments or rebates as inducements or compensation for or in connection with placement of insurance prohibited; penalties for violations. (a) A mortgage guaranty insurance company shall not pay or cause to be paid either directly or indirectly, to any owner, purchaser, lessor, lessee, mortgagee or prospective mortgagee of the real property which secures the authorized real estate security or which is the fee of an insured lease, or any interest therein, or any person who is acting as an agent, representative, attorney or employee of such owner, purchaser or mortgagee, any commission, or any part of its premium charges or any other consideration as an inducement for or as compensation on any mortgage guaranty insurance business.(b) In connection with the placement of any mortgage guaranty insurance, a mortgage guaranty insurance company shall not cause or permit any commission, fee, remuneration, or other compensation to be paid to, or received by any insured lender or lessor; any subsidiary or affiliate of any insured; any officer, director or employee of any insured or any member of their immediate family; any corporation, partnership, trust, trade association in which any insured is a member, or other entity in which any insured or any such officer, director, or employee or any member of their immediate family has a financial interest; or any designee, trustee, nominee, or other agent or representative of any of the foregoing.(c) Any mortgage guaranty insurance company which pays any commission or makes any unlawful rebate in violation of the provisions of this article shall be subject to the penalties prescribed in K.S.A. 40-2407 and 40-2411.History: L. 1977, ch. 154, § 13; Jan. 1, 1978.
KS Stat § 40-3514 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3514 Maintaining funds on deposit with insurance company's own insured prohibited; presumptions; other prohibited practices.

40-3514. Maintaining funds on deposit with insurance company's own insured prohibited; presumptions; other prohibited practices. (a) Except for commercial checking accounts and normal deposits in support of an active bank line of credit, a mortgage guaranty insurance company, the holding company or any affiliate thereof is prohibited from maintaining funds on deposit with the lender for which the mortgage guaranty insurance company has insured loans.(b) Any deposit account bearing interest at rates less than what is currently being paid other depositors on similar deposits or any deposit in excess of amounts insured by an agency of the federal government shall be presumed to be an account in violation of this section. Furthermore, a mortgage guaranty insurance company shall not use compensating balances, special deposit accounts or engage in any practice which unduly delays its receipt of moneys due or which involves the use of its financial resources for the benefit of any owner, mortgagee of the real property or any interest therein or any person who is acting as agent, representative, attorney or employee of such owner, purchaser or mortgagee as a means of circumventing any part of this section.History: L. 1977, ch. 154, § 14; Jan. 1, 1978.
KS Stat § 40-3515 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3515 Insurance company as member of holding company system; prohibited underwriting activities as condition of certificate of authority; other proscribed activities.

40-3515. Insurance company as member of holding company system; prohibited underwriting activities as condition of certificate of authority; other proscribed activities. (a) If it is a member of a holding company system as defined in K.S.A. 40-3302, a mortgage guaranty insurance company licensed to transact business in this state shall not, as a condition of its certificate of authority, knowingly underwrite mortgage guaranty insurance on mortgages originated by the holding company system or an affiliate or on mortgages originated by any mortgage lender to which credit is extended, directly or indirectly, by the holding company system or any affiliate.(b) A mortgage guaranty insurance company, the holding company system of which it is a part or any affiliate shall not as a condition of the mortgage guaranty insurance company's certificate of authority, pay any commissions, remuneration, rebates or engage in activities proscribed in K.S.A. 40-3513 and 40-3514.History: L. 1977, ch. 154, § 15; Jan. 1, 1978.
KS Stat § 40-3516 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3516 Unearned premium reserve requirement.

40-3516. Unearned premium reserve requirement. A mortgage guaranty insurance company shall compute and maintain an unearned premium reserve as set forth by regulation adopted by the commissioner of insurance.History: L. 1977, ch. 154, § 16; Jan. 1, 1978.
KS Stat § 40-3517 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3517 Case basis and other loss reserves requirements.

40-3517. Case basis and other loss reserves requirements. A mortgage guaranty insurance company shall compute and maintain adequate case basis and other loss reserves which accurately reflect loss frequency and 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 which remains unsold;(b) Insured loans in the process of foreclosure;(c) Insured loans in default for four (4) months or for any lesser period which 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 period which is defined as default for such purposes in policy provisions.History: L. 1977, ch. 154, § 17; Jan. 1, 1978.
KS Stat § 40-3518 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3518 Contingency reserve requirement; withdrawals.

40-3518. Contingency reserve requirement; withdrawals. Each mortgage guaranty insurance company shall establish a contingency reserve out of net premiums remaining (gross premiums less premiums returned to policyholders net of reinsurance) after establishment of the unearned premium reserve. The mortgage guaranty insurance company shall contribute to the contingency reserve an amount equal to fifty percent (50%) of such remaining earned premiums. Contributions to the contingency reserve made during each calendar year shall be maintained for a period of one hundred twenty (120) months, except that withdrawals may be made by the company in any year in which the actual incurred losses exceed thirty-five percent (35%) of the corresponding earned premiums, and no such releases shall be made without prior approval by the commissioner of the mortgage guaranty insurance company's state of domicile.History: L. 1977, ch. 154, § 18; Jan. 1, 1978.
KS Stat § 40-3519 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3519 Reinsurance; establishment and maintenance of reserves in appropriate proportions by insurance company and reinsurer.

40-3519. Reinsurance; establishment and maintenance of reserves in appropriate proportions by insurance company and reinsurer. Whenever a mortgage guaranty insurance company obtains reinsurance from an insurance company which is properly licensed to provide reinsurance or from an appropriate governmental agency, the mortgage guaranty insurer and the reinsurer shall establish and maintain the reserves required in this act in appropriate proportions in relation to the risk retained by the original insurer and ceded to the assuming reinsurer so that the total reserves established shall not be less than the reserves required by this act.History: L. 1977, ch. 154, § 19; Jan. 1, 1978.
KS Stat § 40-3520 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3520 Establishment of reserves in accord with law of another state where insurance company licensed.

40-3520. Establishment of reserves in accord with law of another state where insurance company licensed. (a) Whenever the laws of any other jurisdiction in which a mortgage guaranty insurance company subject to the requirement of this act is also licensed to transact mortgage guaranty insurance require a larger unearned premium reserve or contingency reserve in the aggregate than that set forth herein, the establishment of such larger unearned premium reserve or contingency reserve in the aggregate shall be deemed to be in compliance with this act.(b) Unearned premium reserves and contingency reserves shall be computed and maintained on risks insured after the effective date of this act as required by K.S.A. 40-3516 and 40-3518. Unearned premium reserves and contingency reserves on risks insured before the effective date of this act may be computed and maintained as required previously.History: L. 1977, ch. 154, § 20; Jan. 1, 1978.
KS Stat § 40-3521 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 35 - Mortgage Guaranty Insurance Companies|40-3521 Rules and regulations.

40-3521. Rules and regulations. The commissioner shall prescribe such rules and regulations as may be deemed necessary to carry out the purposes of this act.History: L. 1977, ch. 154, § 21; Jan. 1, 1978.
KS Stat § 40-3602 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3602 Insolvent insurers; offset of unearned premiums by agent; contract provisions with agent, application.

40-3602. Insolvent insurers; offset of unearned premiums by agent; contract provisions with agent, application. (a) Subject to the limitations specified in K.S.A. 40-2906 and amendments thereto, an insurance agent shall have the right to offset unearned premiums for their insureds on payment of the agent's account to an insolvent insurer as defined in K.S.A. 40-2903 and amendments thereto.(b) The provisions of any contract between an insurance agent and an insolvent insurer shall apply for the duration of all policies in effect and until all accounts are settled with the insolvent insurer.History: L. 1986, ch. 167, § 1; April 24.
KS Stat § 40-3605 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3605 Citation of act.

40-3605. Citation of act. (a) This act may be cited as the insurers supervision, rehabilitation and liquidation act.(b) This act shall not be interpreted to limit the powers granted the commissioner by other provisions of law.(c) This act shall be liberally construed.History: L. 1991, ch. 125, § 1; July 1.
KS Stat § 40-3606 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3606 Application of act.

40-3606. Application of act. This act shall apply to all insurance companies, fraternal benefit societies, health maintenance organizations, reciprocal insurance exchanges, mutual nonprofit hospital and medical service corporations, captive insurance companies, group funded pools except municipal group funded pools governed by K.S.A. 12-2616 through 12-2629 and amendments thereto, prepaid service plans operating under article 19a of chapter 40 of the Kansas Statutes Annotated, regardless of whether such entities are authorized to do business in this state, and such entities which are in the process of organization.History: L. 1991, ch. 125, § 2; L. 1997, ch. 8, § 12; L. 2000, ch. 147, § 41; July 1.