20-1547. Mortgage guaranty insurance as monoline
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/az/title-20/20-1547A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A mortgage guaranty insurance company that anywhere transacts any class of insurance other than mortgage guaranty insurance is not eligible for the issuance or renewal of a certificate of authority to transact mortgage guaranty insurance in this state.
B. A mortgage guaranty insurance company that anywhere transacts the classes of insurance defined in section 20-1541, paragraph 4, subdivision
(b)or
(c)is not eligible for a certificate of authority to transact in this state the class of mortgage guaranty insurance defined in section 20-1541, paragraph 4, subdivision (a). A mortgage guaranty insurance company that transacts a class of insurance defined in section 20-1541, paragraph 4, subdivision
(a)may write up to five per cent of its insurance in force on residential property designed for occupancy by five or more families.