Texas Bill Would Lift Mortgage Guaranty Liability Cap

Law360, New York (December 17, 2012, 8:30 PM EST) -- Texas state Sen. Bob Deuell on Monday introduced legislation to amend the state’s insurance code to lift a cap on mortgage guaranty insurance liability in a move meant to ease the burdens on homeowners and insurers to protect lenders against mortgage defaults.

Deuell introduced Senate Bill 147 to repeal Section 3502.158 of the Texas Insurance Code, which limits coverage for certain classes of insured by allowing mortgage guaranty insurers to “limit coverage, net of reinsurance, to a maximum of 25 percent of the entire indebtedness to...
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