Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-043 - MORTGAGE GUARANTY INSURANCE
Section 482-1-043-.05 - Contingency Reserve
Universal Citation: AL Admin Code R 482-1-043-.05
Current through Register Vol. 42, No. 11, August 30, 2024
In addition to the customary unearned premium reserve required of casualty insurers pursuant to Section 27-36-3, Code of Ala. 1975, each mortgage guaranty insurer shall establish a contingency reserve which shall be maintained for ten (10) years for the purpose of protecting against the effect of adverse economic cycles in accordance with Statutory Accounting Principle No. 58 adopted pursuant to Alabama Insurance Regulation, Chapter 482-1-097.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, §§ 27-2-17.
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