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    Document Summary
    - Report Published -

    Senate Document No. 13
    PUBLICATION YEAR 1995

    Document Title
    Private Mortgage Guaranty Insurance

    Author
    State Corporation Commission; Bureau of Insurance

    Enabling Authority
    SJR 177 (Regular Session, 1994)

    Executive Summary
    The State Corporation Commission's Bureau of Insurance (Bureau) was requested by the 1994 General Assembly, pursuant to Senate Joint Resolution No. 177, to study (i) whether competition effectively regulates premiums charged by private mortgage guaranty insurers and (ii) whether minimum loss ratio standards should be imposed on companies writing mortgage insurance in the Commonwealth. This study was requested because questions exist regarding the reasonableness of premiums charged by mortgage guaranty insurers. Also, as stated in the resolution, mortgage guaranty insurance protects the lender against default on the mortgage, and the insurer is selected by the lender while the borrower pays the premium.