Arizona Revised Statutes (Last Updated: March 31, 2016) |
Title 20. Insurance |
Chapter 6. PARTICULAR TYPES OF INSURANCE |
Article 8.1. Mortgage Guaranty Insurance |
Sec 20-1556.01. Premium deficiency reserve
Latest version.
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If the mortgage guaranty insurance company's anticipated losses, loss adjustment expenses, commissions and other acquisition costs and maintenance costs are more than the recorded unearned premium reserve, contingency reserve and estimated future renewal premiums on existing policies, the company shall establish a premium deficiency reserve by recording an additional liability for the deficiency according to the accounting practices and procedures manual adopted by the national association of insurance commissioners.