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ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
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Developed and maintained by the Division of Legislative Automated Systems.
1994 SESSION
WHEREAS, private mortgage guaranty insurance coverage is required by lenders of home buyers who make a down payment of less than 20 percent of the sales price of a home; and
WHEREAS, mortgage guaranty insurance protects the lender against default on the mortgage and the insurer is selected by the lender while the borrower pays the premium; and
WHEREAS, questions exist regarding the reasonableness of premiums charged for mortgage insurance in relation to losses incurred by mortgage insurers; now, therefore, be it
RESOLVED by the Senate, the House of Delegates concurring, That the Bureau of Insurance within the State Corporation Commission be requested to study whether competition effectively regulates premiums charged by private mortgage guaranty insurers and whether minimum loss ratio standards should be imposed on companies writing private mortgage insurance in the Commonwealth.
The Bureau of Insurance shall complete its work in time to submit its findings and recommendations to the Governor and the 1995 Session of the General Assembly as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents.
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