Financial statements

(a) The provisions of chapter 23 of Title 17 shall apply to mortgage guaranty insurance companies. (b) The unearned premium reserve shall be computed as required by the annual statement form, except that on all policies covering a risk period of more than 1 year the unearned premium reserve shall be computed in accordance with standards promulgated by the commissioner. (c) In addition to the contingency reserve required under subsection (b) of section 3, the case basis method shall be used to determine the loss reserve, which shall include a reserve for claims reported and unpaid and claims incurred but not reported, including: (i) Estimated losses on insured loans which have resulted in the conveyance of property which remains unsold. (ii) Insured loans in the process of foreclosure. (iii) Insured loans in default for 4 or more months. L.1968, c. 248, s. 7, eff. Aug. 12, 1968.