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Current as of January 01, 2024 | Updated by FindLaw Staff
A mortgage guaranty insurance company shall compute and maintain adequate case basis and other loss reserves which accurately reflect loss frequency and loss severity and shall include components for claims reported and unpaid, and for claims incurred but not reported, including estimated losses on:
(a) Insured loans which have resulted in the conveyance of property which remains unsold;
(b) Insured loans in the process of foreclosure;
(c) Insured loans in default for four (4) months or for any lesser period which is defined as default for such purposes in the policy provisions; and
(d) Insured leases in default for four (4) months or for any lesser period which is defined as default for such purposes in policy provisions.
Cite this article: FindLaw.com - Kansas Statutes Chapter 40. Insurance § 40-3517. Case basis and other loss reserves requirements - last updated January 01, 2024 | https://codes.findlaw.com/ks/chapter-40-insurance/ks-st-sect-40-3517.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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