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Florida Statute 635.041 | Lawyer Caselaw & Research
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The 2024 Florida Statutes

Title XXXVII
INSURANCE
Chapter 635
MORTGAGE GUARANTY INSURANCE
View Entire Chapter
F.S. 635.041
635.041 Contingency reserve.—
(1) Each mortgage guaranty insurer shall establish and maintain as a liability a contingency reserve out of earned premiums remaining after establishment of the unearned premium reserve. The insurer shall contribute an amount equal to 50 percent of the earned premiums into the contingency reserve.
(2) Subject to approval by the insurance department of the insurer’s state of domicile and upon 30 days’ prior notice to the office, the contingency reserve shall be available for loss payments only when the insurer’s incurred losses in any one calendar year exceed 35 percent of the corresponding earned premiums.
(3) In the event of the release of the contingency reserve for payment of losses, as approved by the state regulating agency in the insurer’s state of domicile, the contributions required under subsection (1) shall be treated on a first-in-first-out basis.
(4) The contribution made during each calendar year to the contingency reserve pertaining to a particular insurance policy shall be maintained (subject to prior payment of losses therefrom as provided in subsection (3)) for a period of 120 months.
History.—s. 4, ch. 59-182; ss. 13, 35, ch. 69-106; s. 2, ch. 81-318; ss. 4, 11, 12, ch. 83-281; ss. 2, 5, ch. 93-21; s. 1519, ch. 2003-261.

F.S. 635.041 on Google Scholar

F.S. 635.041 on Casetext

Amendments to 635.041


Arrestable Offenses / Crimes under Fla. Stat. 635.041
Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 635.041.

Annotations, Discussions, Cases:

Cases Citing Statute 635.041

Total Results: 2

POLK COUNTY BD. OF COM'RS v. Varnado

Court: District Court of Appeal of Florida | Date Filed: 1991-03-13

Citation: 576 So. 2d 833, 1991 WL 35440

Snippet: Cecil Mayse, who testified that it would cost $4,635.41 to put in central heating and air conditioning

Roberts v. Am. Natl. Bank of Pensacola

Court: Supreme Court of Florida | Date Filed: 1927-08-01

Citation: 115 So. 261, 94 Fla. 427

Snippet: of Richmond, Va. v. City of Richmond, 256 U.S. 635, 41 Sup. Ct. Rep. 619; State of Minnesota v. First