The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE

Chapter 635
MORTGAGE GUARANTY INSURANCE

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F.S. 635.011

635.011 Definitions.—As used in this chapter, the term:

(1) “Mortgage guaranty insurance” means a form of casualty insurance insuring lenders against:

(a) Financial loss by reason of nonpayment of principal, interest, and other sums agreed to be paid under the terms of any note, bond, or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument constituting a lien or charge on real estate which contains a residential building or a building designed to be occupied for industrial or commercial purposes.

(b) Financial loss by reason of nonpayment of rent and other sums agreed to be paid under the terms of a written lease for the possession, use, or occupancy of real estate, provided such real estate is designed to be occupied for industrial or commercial purposes.

(2) “Contingency reserve” means a special premium reserve which is in addition to other premium reserves required by law and which is established for the protection of policyholders against the effect of adverse economic cycles.

History.—s. 1, ch. 59-182; ss. 13, 35, ch. 69-106; s. 1, ch. 71-151; s. 269, ch. 71-377; s. 2, ch. 81-318; ss. 1, 11, 12, ch. 83-281; ss. 1, 5, ch. 93-21; s. 1517, ch. 2003-261.

F.S. 635.011 on Google Scholar

F.S. 635.011 on Casetext

Amendments to 635.011

Arrestable Offenses / Crimes under Fla. Stat. 635.011

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 635.011.

Annotations, Discussions, Cases:

Cases from cite.case.law:

FEDERAL DEPOSIT INSURANCE CORPORATION, v. VEREX ASSURANCE, INC., 645 So. 2d 427 (Fla. 1994)

. . . As noted by Verex, section 635.011, Florida Statutes (1981), defines mortgage guaranty insurance as a . . . notes that mortgage guaranty insurance is defined as a form of casualty and surety insurance in section 635.011 . . . Because § 635.011 defines mortgage guaranty insurance as a form of casualty and surety insurance, Verex . . .

FEDERAL DEPOSIT INSURANCE CORPORATION, a v. VEREX ASSURANCE, INC., 3 F.3d 391 (11th Cir. 1993)

. . . notes that mortgage guaranty insurance is defined as a form of casualty and surety insurance in section 635.011 . . . Because § 635.011 defines mortgage guaranty insurance as a form of casualty and surety insurance, Verex . . .

HOME GUARANTY INSURANCE CORPORATION, a v. NUMERICA FINANCIAL SERVICES, INC. a, 835 F.2d 1354 (11th Cir. 1988)

. . . . § 635.011 (1985). . . . It points to Fla.Stat. § 635.011(1) (1985), which defines mortgage guaranty insurance as “a form of casualty . . .