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Florida Statute 635 | Lawyer Caselaw & Research
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The 2024 Florida Statutes

Title XXXVII
INSURANCE
Chapter 635
MORTGAGE GUARANTY INSURANCE
View Entire Chapter
CHAPTER 635
CHAPTER 635
MORTGAGE GUARANTY INSURANCE
635.011 Definitions.
635.021 Authority to transact mortgage guaranty insurance.
635.031 Additional limitations.
635.041 Contingency reserve.
635.042 Minimum surplus requirement.
635.051 Licensing and appointment of mortgage guaranty insurance agents.
635.061 Premium cost.
635.071 Filings, approval of forms; rate filings.
635.075 Restoration of property.
635.081 Administration and enforcement.
635.091 Provisions of Florida Insurance Code applicable to mortgage guaranty insurance.
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.
635.021 Authority to transact mortgage guaranty insurance.Mortgage guaranty insurance may be transacted by a stock casualty insurer or a stock surety insurer holding a certificate of authority for the transaction of insurance in this state.
History.s. 2, ch. 59-182; s. 2, ch. 81-318; ss. 2, 11, 12, ch. 83-281; s. 5, ch. 93-21.
635.031 Additional limitations.In addition to laws otherwise applicable, mortgage guaranty insurers are subject to the following limitations:
(1) No such insurer may retain risk as to any one subject of insurance in any amount exceeding 10 percent of its surplus as to policyholders. In determining the amount of risk retained, applicable reinsurance in any assuming insurer authorized to transact insurance in this state or approved by the office shall be deducted from the total direct risk insured.
(2) Mortgage guaranty insurance may be written with respect to real estate loans only on those loans which a bank, a savings and loan association, or an insurance company regulated by this state or an agency of the Federal Government is authorized to make.
History.s. 3, ch. 59-182; s. 1, ch. 63-428; s. 1, ch. 65-494; ss. 13, 35, ch. 69-106; s. 2, ch. 71-151; s. 2, ch. 81-318; ss. 3, 11, 12, ch. 83-281; s. 5, ch. 93-21; s. 1518, ch. 2003-261.
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.
635.042 Minimum surplus requirement.
(1) A mortgage guaranty insurer shall maintain a minimum surplus of not less than the greater of $4 million or 10 percent of the insurer’s total outstanding liabilities other than the required contingency reserve. A mortgage guaranty insurer is not required to have a surplus as to policyholders greater than $100 million.
(2) A mortgage guaranty insurer must possess sufficient capital and surplus so that the total outstanding aggregate exposure net of reinsurance under mortgage guaranty policies written by the insurer does not exceed 25 times its paid-in capital, surplus, and contingency reserve combined. A mortgage guaranty insurer shall disclose in the audited financial reports required under s. 624.424(8), the total aggregate exposure net of reinsurance under mortgage guaranty policies written by the insurer. The Commissioner of Insurance Regulation may permit a temporary exception to the requirements of this subsection at the written request of a mortgage guaranty insurer upon a finding that the mortgage guaranty insurer’s financial position is reasonable in relationship to the mortgage guaranty insurer’s aggregate insured risk and financial needs.
(3) If a mortgage guaranty insurer is not in compliance with this section and has not been permitted an exception as provided in subsection (2), the office may take any action against the insurer that the office may take against an insurer that is not in compliance with s. 624.408.
History.ss. 5, 12, ch. 83-281; s. 5, ch. 93-21; s. 2, ch. 2001-37; s. 1520, ch. 2003-261; s. 1, ch. 2010-56; s. 1, ch. 2010-56.
635.051 Licensing and appointment of mortgage guaranty insurance agents.
(1) Effective October 1, 2012, a person may not transact mortgage guaranty insurance unless licensed and appointed as a credit insurance agent in accordance with the applicable provisions of the insurance code. Mortgage guaranty licenses held by persons on October 1, 2012, shall be transferred to a credit insurance agent license. Persons who wish to obtain a new license identification card that reflects this change must submit the $5 fee as prescribed in s. 624.501(15).
(2) Any general lines agent licensed under chapter 626 is qualified to represent a mortgage guaranty insurer without additional licensure.
(3) The department shall charge mortgage guaranty insurance agents the same applicable license and appointment taxes and fees as charged general lines agents in s. 624.501. The department shall deposit such license and appointment taxes and fees in the same manner as provided in s. 624.523 for the deposit of license and appointment taxes and fees by general lines agents.
History.s. 5, ch. 59-182; ss. 13, 35, ch. 69-106; s. 2, ch. 81-318; ss. 6, 11, 12, ch. 83-281; s. 41, ch. 87-226; s. 158, ch. 91-108; ss. 3, 5, ch. 93-21; s. 483, ch. 97-102; s. 53, ch. 2012-209.
635.061 Premium cost.For purposes of computing finance charges or determining whether a mortgage loan is usurious, any premium cost of mortgage guaranty insurance that is paid by or collected from the mortgagor as a separate charge shall be deemed to not constitute a part of the cost of, or interest upon, or charges or consideration or an amount in excess of permitted charges in connection with, any mortgage loan.
History.s. 6, ch. 59-182; s. 2, ch. 81-318; ss. 7, 11, 12, ch. 83-281; s. 15, ch. 92-328; s. 5, ch. 93-21.
635.071 Filings, approval of forms; rate filings.
(1) No policy form or related form may be issued or used in this state unless it has been filed with and approved by the office as provided by laws applicable to casualty or surety insurance.
(2) Each insurer shall file with the office for informational purposes the rate to be charged and the premium to be paid by the policyholder, including all modifications of rates and premiums.
(3) An insurer may not insure mortgages that are offered for sale to the public by advertisement, whether in newspapers, brochures, direct mailings, or similar media, if the advertisement expressly or impliedly represents or stresses that the worth, value, or safety of the mortgage investment arises by virtue of the proposed mortgage guaranty insurance rather than by virtue of the safety inherent in the value of the underlying security as it relates to the face value of the mortgage debt, or if the advertisement stresses the fact that the mortgage guaranty insurance is regulated by an agency of the state or Federal Government.
History.s. 7, ch. 59-182; ss. 13, 35, ch. 69-106; s. 2, ch. 81-318; ss. 8, 11, 12, ch. 83-281; s. 5, ch. 93-21; s. 19, ch. 2000-370; s. 1521, ch. 2003-261.
635.075 Restoration of property.Mortgage guaranty insurance policies issued for delivery in this state shall contain, as a condition precedent to payment in the event of default, a provision that the insured must restore the property to its condition at the time of issuance of the policy, except for reasonable wear and tear.
History.ss. 12, 13, ch. 83-281; s. 5, ch. 93-21.
635.081 Administration and enforcement.The commission may adopt rules pursuant to ss. 120.536(1) and 120.54 to implement the provisions of this chapter and shall have the same powers of administration and enforcement of the provisions of this chapter as it has with respect to casualty or surety insurers in general under the Florida Insurance Code.
History.s. 8, ch. 59-182; ss. 13, 35, ch. 69-106; s. 2, ch. 81-318; ss. 9, 11, 12, ch. 83-281; s. 5, ch. 93-21; s. 212, ch. 98-200; s. 1522, ch. 2003-261.
635.091 Provisions of Florida Insurance Code applicable to mortgage guaranty insurance.The following provisions of the Florida Insurance Code apply to mortgage guaranty insurers: chapter 624; chapter 625; parts I, II, VIII, and X of chapter 626; s. 627.409; s. 627.915; chapter 628; and chapter 631.
History.ss. 10, 12, ch. 83-281; s. 42, ch. 87-226; s. 20, ch. 90-119; ss. 4, 5, ch. 93-21.

F.S. 635 on Google Scholar

F.S. 635 on Casetext

Amendments to 635


Arrestable Offenses / Crimes under Fla. Stat. 635
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.



Annotations, Discussions, Cases:

Cases Citing Statute 635

Total Results: 20

Jevaris N. Dortch v. State of Florida

Court: Fla. Dist. Ct. App. | Date Filed: 2024-10-25T00:00:00-07:00

Snippet: Stat. (2023); Einsmann v. State, 293 So. 3d 634, 635 (Fla. 5th DCA 2020). AFFIRMED in part; REVERSED

Ian David Harrison v. Nc3 Systems, Inc., D/B/A Caliva

Court: Fla. Dist. Ct. App. | Date Filed: 2024-10-14T00:00:00-07:00

Snippet: Florida resident”); Allerton v. State Dep’t of Ins., 635 So. 2d 36, 39 (Fla. 1st DCA 1994) (holding that

Alvarez, Feltman & Da Silva, P.L., Etc. v. Citizens Property Insurance Corporation

Court: Fla. Dist. Ct. App. | Date Filed: 2024-10-02T00:00:00-07:00

Snippet: notice . . . .”); Britt v. Knowles, 792 So. 2d 635, 635 (Fla. 4th DCA 2001) (“Florida Rule of Civil Procedure

Kim Braddock v. City of Port Orange Pension Fund

Court: Fla. Dist. Ct. App. | Date Filed: 2024-10-02T00:00:00-07:00

Snippet: Trs. of City Gen. Emps. Pension Plan v. Vizcaino, 635 So. 2d 1012, 1014 (Fla. 1st DCA 1994).

Michael L. Waite v. State of Florida

Court: Fla. Dist. Ct. App. | Date Filed: 2024-08-16T00:00:00-07:00

Snippet: (Fla. 1st DCA 1977); State v. Giesy, 243 So. 2d 635, 636 (Fla. 4th DCA 1971)). Under section 934.03

HUTCHINS v. SCT TRADING, LLC, 8831 W. HILLSBOROUGH AVE, INC.

Court: Fla. Dist. Ct. App. | Date Filed: 2024-08-07T00:00:00-07:00

Snippet: Auto. Ins. Co. v. O'Hearn, 975 So. 2d 633, 635 (Fla. 2d DCA 2008). "The second and third elements

OLIVER v. STATE OF FLORIDA

Court: Fla. Dist. Ct. App. | Date Filed: 2024-07-31T00:00:00-07:00

Snippet: described by the supreme court in State v. Townsend, 635 So. 2d 949 (Fla. 1994), maintaining that the victim…mother's attention. He noted that Townsend, 635 So. 2d at 957, required the trial court to first …reliability." § 90.803(23)(a)1, 2.a; Townsend, 635 So. 2d at 954. In making its determination … contradictions in the accusation. Townsend, 635 So. 2d at 957-58 (first citing Idaho v. Wright, 497…video recording of the interviews. See Townsend, 635 So. 2d at 957-58; Cabrera, 206 So. 3d at 772; Rodriguez

OWENS v. STATE OF FLORIDA

Court: Fla. Dist. Ct. App. | Date Filed: 2024-07-24T00:00:00-07:00

Snippet: Appellee. No. 2D2024-0635 July 24, 2024 …revision prior to official publication. 2024-0635 District Court of Appeal of Florida fladistctapp

Gary Flores v. State of Florida

Court: Fla. Dist. Ct. App. | Date Filed: 2024-07-24T00:00:00-07:00

Snippet: disapproved on other grounds by Wilson v. State, 635 So. 2d 16 (Fla. 1994), with Palumbo v. State, 52

CAPTAIN D'S, LLC v. UNIFIED BRANDS, INC. AND REGINA AKINS

Court: Fla. Dist. Ct. App. | Date Filed: 2024-07-12T00:00:00-07:00

Snippet: testimony. See AGC Risk Mgmt. Grp., Inc. v. Orozco, 635 So. 2d 1034, 1035 (Fla. 3d DCA 1994) (“In assessing

F.V. de Araujo S.A. Madeiras, Agricultora, Industria e Comercio v. Dantzler Lumber & Export Co.

Court: Fla. Dist. Ct. App. | Date Filed: 2024-07-10T00:00:00-07:00

Snippet: . 2009), aff’d sub nom. Osorio v. Dow Chem. Co., 635 F.3d 1277 (11th Cir. 2011). However, Florida, like

Andrew Byers, etc. v. Digital Radiology, Inc., etc.

Court: Fla. Dist. Ct. App. | Date Filed: 2024-07-03T00:00:00-07:00

Snippet: Picerne Dev. Corp. of Fla. v. Tasca & Rotelli, 635 So. 2d 149, 150 (Fla. 4th DCA 1994) (“A writ of certiorari

Kelvin D. Harris v. Ricky D. Dixon, Secretary, Dept. of Corrections

Court: Fla. Dist. Ct. App. | Date Filed: 2024-06-17T00:00:00-07:00

Snippet: ____________ No. 1D2023-0635 _____________________________ …. 2 2023-0635 District Court of Appeal of Florida fladistctapp

Kathleen Jennings, the Attorney General of the State of Delaware v. Hugh M. Durden, John S. Lord, Thomas G. Kuntz, Terri Kelly, Geoffrey M. Rogers, and Winfred L. Thornton, etc.

Court: Fla. Dist. Ct. App. | Date Filed: 2024-05-31T00:00:00-07:00

Snippet: , the DAG was not an indispensable party. Id. at 635. Thus, the issues in Biden were not whether the DAG…or the other. See Biden v. Lord, 147 So. 3d 632, 635 (Fla. 1st DCA 2014) (recounting history of litigation…taking part of the principal.” Biden, 147 So. 3d at 635. Eight years later, the Delaware Attorney General

Latrice Pla v. Ashley Rierson

Court: Fla. Dist. Ct. App. | Date Filed: 2024-05-15T00:00:00-07:00

Snippet: the trial court.” Winner v. Sharp, 43 So. 2d 634, 635 (Fla. 1949); see also Allstate Ins. Co. v. Hinchey

CARLOS LORENZO GONZALEZ v. STATE OF FLORIDA

Court: Fla. Dist. Ct. App. | Date Filed: 2024-04-19T00:00:00-07:00

Snippet: Fla. 4th DCA 2023) (quoting Heller, 554 U.S. at 635 (internal quotations omitted)). Knives are

LYONS HERITAGE TAMPA, LLC v. PHILLIPS, PHILLIPS

Court: Fla. Dist. Ct. App. | Date Filed: 2024-04-17T00:00:00-07:00

Snippet: Romero v. Wells Fargo Bank, N.A., 209 So. 3d 633, 635 (Fla. 2d DCA 2017)). Once a final judgment is "…7 realm of finality." Romero, 209 So. 3d at 635 (alteration in original) (quoting Bank One, Nat&#

MICHAEL L. WAITE v. STATE OF FLORIDA

Court: Fla. Dist. Ct. App. | Date Filed: 2024-04-12T00:00:00-07:00

Snippet: (Fla. 1st DCA 1977); State v. Giesy, 243 So. 2d 635, 636 (Fla. 4th DCA 1971)). Under Florida’s

Advisory Opinion to the Attorney General re: Limiting Government Interference with Abortion

Court: Fla. | Date Filed: 2024-04-01T00:00:00-07:00

Snippet: - 13 - Id. at 635. The elements of the proposed amendment in Fairness

Ornella Pianezza and Andrea Artioli v. MIA Collection Services LLC

Court: Fla. Dist. Ct. App. | Date Filed: 2024-03-06T00:00:00-08:00

Snippet: transaction. See Allerton v. State Dep’t of Ins., 635 So. 2d 36, 40 (Fla. 1st DCA 1994) (“Allerton is