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Mortgage Insurance News | M.I. Directory | M.I. Statistics
News about mortgage insurance issuance, defaults and litigation
PMI Praises AZ Law But Warns on New Biz

New law enables regulator discretion over inadequate capital

Sept. 8, 2009

By staff

The State of Arizona has passed legislation that could help The PMI Mortgage Insurance Co. keep issuing policies -- though the insurer is still warning about its ability to write new business.

The new law becomes effective in November, PMI said in a statement today. It gives the Arizona Department of Insurance the discretion over mortgage insurers that can't write new business because they don't meet the minimum policyholder position requirements.

The Walnut Creek, Calif.-based mortgage insurance company is domiciled in Arizona and regulated
by Arizona's Department of Insurance.

"Legislators and the Department of Insurance recognized
that minimum policyholder position is one factor, but should not be the sole determinant in evaluating mortgage insurers' ability to write new business," PMI stated. "The reform can provide necessary relief as mortgage insurers pursue restructuring of portfolios and rebuilding capital levels."

PMI noted that 16 states have minimum requirements for maximum risk-to-capital ratio
s or minimum policyholder positions, while 34 don't have explicit capital requirements.

The mortgage insurer went on to warn that is still needs to raise significant capital and that it is not certain Arizona will exercise its discretion to permit PMI to write new business if it falls below state minimums. It also warned that it could be forced to nationally suspend business.

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