Mortgage Guaranty Insurance

KRS tit. XXV, ch. 304, subtit. 23

in effect

KRS 304.23-010 Contracts subject to general provisions

304.23-010. Contracts subject to general provisions All contracts of mortgage guaranty insurance delivered or issued for delivery in this state and covering subjects located in this state are subject to the applicable provisions of this subtitle, Subtitle 14, and other applicable provisions of this code. History: Created 1970 Ky. Acts ch. 301, subtit. 23, sec. 1.

KRS 304.23-020 Eligibility of insurer

304.23-020. Eligibility of insurer (1) An insurer, in order to qualify for writing mortgage guaranty insurance, must have the same capital and surplus as that required by KRS 304.3-120. (2) An insurer transacting any class of insurance other than mortgage guaranty insurance is not eligible for the issuance of a certificate of authority to transact mortgage guaranty insurance in this state, nor the renewal thereof. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 23, sec. 2, effective June 18, 1970.

KRS 304.23-030 Outstanding liability -- Amount

304.23-030. Outstanding liability -- Amount A mortgage guaranty insurer shall not at any time have outstanding a total liability net of reinsurance, in excess of twenty-five (25) times its capital, unassigned funds and contingency reserve. It shall not insure loans secured by properties in a single housing tract or a contiguous tract (not separated by more than one-half (1/2) mile) in excess of ten percent (10%) of its capital, unassigned funds and contingency reserve. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 23, sec. 3, effective June 18, 1970.

KRS 304.23-040 Advertising "insured loans" -- Conditions

304.23-040. Advertising "insured loans" -- Conditions No bank, savings and loan association, insurance company or other lending institution, any of whose authorized real estate securities are insured by mortgage guaranty insurance companies may state in any brochure, pamphlet, report or any form of advertising that the real estate loans of the bank, savings and loan association, insurance company or other lending institution are "insured loans" unless the brochure, pamphlet, report or advertising also clearly states that the loans are insured by private insurers and the names of the private insurers are given and shall not make any such statement at all unless such insurance is by an insurer authorized to write this coverage in this state. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 23, sec. 4, effective June 18, 1970.

Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/chapter.aspx?id=38736Fetched: 10/20/2026