§ 2510.20. Limitations on Assuming Mortgage Guaranty Insurers Under Reinsurance Contracts.

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The assuming insurer to a reinsurance agreement under a pool insurance policy, as described in Section 12640.09(a) of the California Insurance Code, shall be subject to the same limitations and restrictions on its portion of retention or assumed insurance writings as the direct writer and shall retain only a maximum of twenty-five percent (25%) at risk of the entire indebtedness on individual mortgage loans and must reinsure the excess. No reinsurer shall retain more than twenty-five percent (25%) of the amount at risk on individual mortgage loans.

HISTORY

1. New section filed 8-23-78; effective thirtieth day thereafter (Register 78, No. 34).

                    
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