515C.5 Limit of outstanding liability. 1. Unless a request to suspend the requirements of this section is granted by the commissioner as set forth in subsection 2, a mortgage guaranty insurer shall not at anytime have outstanding a total liability, net of reinsurance, in excess of twenty-five times itscapital, unassigned funds, and contingency reserve. A mortgage guaranty insurer shall notinsure loans secured by properties in a single housing tract or in a contiguous tract which isnot separated by more than one-half mile in excess of ten percent of its capital, unassignedfunds, and contingency reserve. Coverage may be provided only if the properties in suchtract are residential buildings, buildings designed for occupancy by not more than fourfamilies, or owner-occupied mobile homes. 2. Upon request of a mortgage guaranty insurer, the commissioner may suspend the requirements contained in subsection 1 for such time and under such conditions as thecommissioner may order. The commissioner may adopt rules as necessary relating to theconsideration of such requests for suspension of those requirements. for such time and under such conditions as thecommissioner may order. The commissioner may adopt rules as necessary relating to theconsideration of such requests for suspension of those requirements. [C66, 71, 73, 75, 77, 79, 81, §515C.5]2010 Acts, ch 1121, §22Referred to in §515C.11 Sat Dec 23 00:48:26 2023 Iowa Code 2024, Section 515C.5 (17, 0)
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