{"data":{"id":"us-ky/krs-304.6-090","jurisdiction":"us-ky","citation":"KRS 304.6-090","heading":"Mortgage guaranty insurer to maintain statutory contingency reserve --","body":"Release.\nFor the protection of the policyholders against loss during periods of extreme economic\ncontraction, each mortgage guaranty insurer shall maintain a liability referred t o as a\nstatutory contingency reserve. The statutory contingency reserve shall be a separate fund,\nin addition to the mortgage guaranty insurer's unearned premium reserve. The insurer\nshall annually contribute fifty percent (50%) of the earned premiums from  mortgage\nguaranty insurance contracts to this liability, which shall be maintained for ten (10) years\nregardless of the coverage period for which premiums were paid. Subject to the approval\nof the commissioner, the contingency reserve may be released in any year in which actual\nincurred losses exceed thirty -five percent (35%) of the corresponding earned premiums.\nAny reductions shall be made on a first -in, first-out basis. Changes in the reserve shall be\nrecorded directly to unassigned funds.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16779","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:38Z","sha256":"061058756e5cd961d7c3aab413ee36d2bc3f7a53ac031a1b412eb618b6980389","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.6-080","next":"us-ky/krs-304.6-100"},"notice":"GroundRules: Original legal text. Not legal advice."}