Model Regulation ServiceJuly 2000

MORTGAGE GUARANTY INSURANCE MODEL ACT

Table of Contents

Section 1. Title
Section 2. Definitions
Section 3. Capital and Surplus
Section 4. Insurers Authority to Transact Business
Section 5. Geographic Concentration
Section 6. Advertising
Section 7. Investment Limitation
Section 8. Coverage Limitation
Section 9. Mortgage Guaranty Insurance as Monoline
Section 10. Underwriting Discrimination
Section 11. Policy Forms and Premium Rates Filed
Section 12. Outstanding Total Liability
Section 13. Rebates, Commissions and Charges
Section 14. Compensating Balances Prohibited
Section 15. Conflict of Interest
Section 16. Reserves
Section 17. Regulations

Section 1. Title

This Act may be cited as the Mortgage Guaranty Insurance Act.

Section 2. Definitions

The definitions set forth in this Act shall govern the construction of the terms used in this Act but
shall not affect any other provisions of the code.

A. Authorized real estate security, for the purpose of this Act, means an amortized
note, bond or other evidence of indebtedness, not exceeding ninety-five percent (95%)
of the fair market value of the real estate, secured by a mortgage, deed of trust, or
other instrument that constitutes, or is equivalent to, a first lien or charge on real
estate; provided:

(1) The real estate loan secured in this manner is one of a type that a bank,
savings and loan association, or an insurance company, which is supervised
and regulated by a department of this state or an agency of the federal
government, is authorized to make, or would be authorized to make,
disregarding any requirement applicable to such an institution that the
amount of the loan not exceed a certain percentage of the value of the real
estate;

(2) The improvement on the real estate is a building or buildings designed for
occupancy as specified by Subsections A(1) and A(2) of this section; and

(3) The lien on the real estate may be subject to and subordinate to the following:

(a) The lien of any public bond, assessment or tax, when no installment,
call or payment of or under the bond, assessment or tax is delinquent;
and

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(b) Outstanding mineral, oil, water or timber rights, rights-of-way,

easements or rights-of-way of support, sewer rights, building
restrictions or other restrictions or covenants, conditions or
regulations of use, or outstanding leases upon the real property under
which rents or profits are reserved to the owner thereof.

B. Contingency reserve means an additional premium reserve established to protect

policyholders against the effect of adverse economic cycles.

C. Mortgage guaranty insurance is:

(1) Insurance against financial loss by reason of nonpayment of principal,

interest or other sums agreed to be paid under the terms of any note or bond
or other evidence of indebtedness secured by a mortgage, deed of trust, or
other instrument constituting a lien or charge on real estate, provided the
improvement on the real estate is a residential building or a condominium
unit or buildings designed for occupancy by not more than four families;

(2) Insurance against financial loss by reason of nonpayment of principal,

interest or other sums agreed to be paid under the terms of any note or bond
or other evidence of indebtedness secured by a mortgage, deed of trust, or
other instrument constituting a lien or charge on real estate, providing the
improvement on the real estate is a building or buildings designed for
occupancy by five (5) or more families or designed to be occupied for
industrial or commercial purposes; and

(3) Insurance against financial loss by reason of nonpayment of rent or other

sums agreed to be paid under the terms of a written lease for the possession,
use or occupancy of real estate, provided the improvement on the real estate
is a building or buildings designed to be occupied for industrial or commercial
purposes.

Section 3. Capital and Surplus

A mortgage guaranty insurance company shall not transact the business of mortgage guaranty
insurance unless, if a stock insurance company, it has paid-in capital of at least $1,000,000 and paid-
in surplus of at least $1,000,000, or if a mutual insurance company, a minimum initial surplus of
$2,000,000. A stock company or a mutual company shall at all times thereafter maintain a minimum
policyholders surplus of at least $1,500,000.

Section 4. Insurers Authority to Transact Business

No mortgage guaranty insurance company may issue policies until it has obtained from the
commissioner of insurance a certificate setting forth that fact and authorizing it to issue policies.

Section 5. Geographic Concentration

A. A mortgage guaranty insurance company shall not insure loans secured by a single
risk in excess of ten percent (10%) of the companys aggregate capital, surplus and
contingency reserve.

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B. No mortgage guaranty insurance company shall have more than twenty percent
(20%) of its total insurance in force in any one Standard Metropolitan Statistical
Area (SMSA), as defined by the United States Department of Commerce.

C. The provisions of this section shall not apply to a mortgage guaranty insurance
company until it has possessed a certificate of authority in this state for three (3)
years.

Section 6. Advertising

No mortgage guaranty insurance company or an agent or representative of a mortgage guaranty

insurance company shall prepare or distribute or assist in preparing or distributing any brochure,
pamphlet, report or any form of advertising to the effect that the real estate investments of any
financial institution are insured investments, unless the brochure, pamphlet, report or advertising
clearly states that the loans are insured by mortgage guaranty insurance companies possessing a
certificate of authority to transact mortgage guaranty insurance in this state or are insured by an
agency of the federal government, as the case may be.

Section 7. Investment Limitation

A mortgage guaranty insurance company shall not invest in notes or other evidences of indebtedness
secured by mortgage or other lien upon real property. This section shall not apply to obligations
secured by real property, or contracts for the sale of real property, which obligations or contracts of
sale are acquired in the course of the good faith settlement of claims under policies of insurance
issued by the mortgage guaranty insurance company, or in the good faith disposition of real property
so acquired.

Section 8. Coverage Limitation

A mortgage guaranty insurance company shall limit its coverage net of reinsurance ceded to a
reinsurer in which the company has no interest to a maximum of twenty-five percent (25%) of the
entire indebtedness to the insured or in lieu thereof, a mortgage guaranty insurance company may
elect to pay the entire indebtedness to the insured and acquire title to the authorized real estate
security.

Section 9. Mortgage Guaranty Insurance as Monoline

A. A mortgage guaranty insurance company that anywhere transacts any class of

insurance other than mortgage guaranty insurance is not eligible for the issuance of
a certificate of authority to transact mortgage guaranty insurance in this state nor
for the renewal thereof.

B. A mortgage guaranty insurance company that anywhere transacts the classes of

insurance defined in Section 2A(2) or 2A(3) is not eligible for a certificate of authority
to transact in this state the class of mortgage guaranty insurance defined in Section
2A(1). However, a mortgage guarantee insurance company that transacts a class of
insurance defined in Section 2A may write up to five percent (5%) of its insurance in
force on residential property designed for occupancy by five (5) or more families.

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Section 10. Underwriting Discrimination

A. Nothing in this chapter shall be construed as limiting the right of a mortgage

guaranty insurance company to impose reasonable requirements upon the lender
with regard to the terms of a note or bond or other evidence of indebtedness secured
by a mortgage or deed of trust, such as requiring a stipulated down payment by the
borrower.

B. No mortgage guaranty insurance company may discriminate in the issuance or

extension of mortgage guaranty insurance on the basis of the applicants sex, marital
status, race, color, creed or national origin.

C. No policy of mortgage guaranty insurance, excluding policies of reinsurance, shall be

written unless and until the insurer has conducted a reasonable and thorough
examination of the evidence supporting credit worthiness of the borrower and the
appraisal report reflecting market evaluation of the property and has determined
that prudent underwriting standards have been met.

Section 11. Policy Forms and Premium Rates Filed

A. All policy forms and endorsements shall be filed with and be subject to the approval
of the commissioner. With respect to owner-occupied, single-family dwellings, the
mortgage guaranty insurance policy shall provide that the borrower shall not be
liable to the insurance company for any deficiency arising from a foreclosure sale.

B. In addition, each mortgage guaranty insurance company shall file with the
department the rate to be charged and the premium including all modifications of
rates and premiums to be paid by the policyholder.

C. Every mortgage guaranty insurance company shall adopt, print and make available a
schedule of premium charges for mortgage guaranty insurance policies. Premium
charges made in conformity with the provisions of this Act shall not be deemed to be
interest or other charges under any other provision of law limiting interest or other
charges in connection with mortgage loans. The schedule shall show the entire
amount of premium charge for each type of mortgage guaranty insurance policy
issued by the insurance company.

NOTE: Open rating states may delete a portion or all of this provision and insert their own rating law.

Section 12. Outstanding Total Liability

A mortgage guaranty insurance company shall not at any time have outstanding a total liability, net
of reinsurance, under its aggregate mortgage guaranty insurance policies exceeding twenty-five (25)
times its capital, surplus and contingency reserve. In the event that any mortgage guaranty
insurance company has outstanding total liability exceeding twenty-five (25) times its capital,
surplus and contingency reserve, it shall cease transacting new mortgage guaranty business until
such time as its total liability no longer exceeds twenty-five (25) times its capital, surplus and
contingency reserve. Total outstanding liability shall be calculated on a consolidated basis for all
mortgage guarantee insurance companies that are part of a holding company system.

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Section 13. Rebates, Commissions and Charges

A. A mortgage guaranty insurance company shall not pay or cause to be paid either
directly or indirectly, to any owner, purchaser, lessor, lessee, mortgagee or
prospective mortgagee of the real property that secures the authorized real estate
security or that is the fee of an insured lease, or any interest therein, or to any person
who is acting as an agent, representative, attorney or employee of such owner,
purchaser or mortgagee, any commission, or any part of its premium charges or any
other consideration as an inducement for or as compensation on any mortgage
guaranty insurance business.

B. In connection with the placement of any mortgage guaranty insurance, a mortgage

guaranty insurance company shall not cause or permit any commission, fee,
remuneration or other compensation to be paid to, or received by an insured lender or
lessor; any subsidiary or affiliate of an insured; an officer, director or employee of an
insured or any member of their immediate family; a corporation, partnership, trust,
trade association in which an insured is a member, or other entity in which an
insured or an officer, director or employee or any member of their immediate family
has a financial interest; or any designee, trustee, nominee or other agent or
representative of any of the foregoing.

C. No mortgage guaranty insurance company shall make a rebate of any portion of the
premium charge shown by the schedule required by Section 11C. No mortgage
guaranty insurance company shall quote any rate or premium charge to a person
that is different than that currently available to others for the same type of coverage.
The amount by which a premium charge is less than that called for by the current
schedule of premium charges is an unlawful rebate.

D. The commissioner may, after notice and hearing, suspend or revoke the certificate of
authority of a mortgage guaranty insurance company, or in his or her discretion,
issue a cease and desist order to a mortgage guaranty insurance company that pays a
commission or makes an unlawful rebate in willful violation of the provisions of this
Act. In the event of the issuance of a cease and desist order, the commissioner may,
after notice and hearing, suspend or revoke the certificate of authority of a mortgage
guaranty insurance company that does not comply with the terms thereof.

Section 14. Compensating Balances Prohibited

Except for commercial checking accounts and normal deposits in support of an active bank line of
credit, a mortgage guaranty insurance company, holding company or any affiliate thereof is
prohibited from maintaining funds on deposit with the lender for which the mortgage guaranty
insurance company has insured loans. Any deposit account bearing interest at rates less than what
is currently being paid other depositors on similar deposits or any deposit in excess of amounts
insured by an agency of the federal government shall be presumed to be an account in violation of
this section. Furthermore, a mortgage guaranty insurance company shall not use compensating
balances, special deposit accounts or engage in any practice that unduly delays its receipt of monies
due or that involves the use of its financial resources for the benefit of any owner, mortgagee of the
real property or any interest therein or any person who is acting as agent, representative, attorney
or employee of the owner, purchaser or mortgagee as a means of circumventing any part of this
section.

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Section 15. Conflict of Interest

A. If a member of a holding company system, a mortgage guaranty insurance company

licensed to transact business in this state shall not, as a condition of its certificate of
authority, knowingly underwrite mortgage guaranty insurance on mortgages
originated by the holding company system or an affiliate or on mortgages originated
by any mortgage lender to which credit is extended, directly or indirectly, by the
holding company system or an affiliate.

B. A mortgage guaranty insurance company, the holding company system of which it is

a part, or any affiliate shall not as a condition of the mortgage guaranty insurance
companys certificate of authority, pay any commissions, remuneration, rebates or
engage in activities proscribed in Sections 13 and 14.

Section 16. Reserves

A. Unearned Premium Reserves

A mortgage guaranty insurance company shall compute and maintain an unearned

premium reserve as set forth by regulation adopted by the commissioner of
insurance.

B. Loss Reserve

A mortgage guaranty insurance company shall compute and maintain adequate case
basis and other loss reserves that accurately reflect loss frequency and loss severity
and shall include components for claims reported and for claims incurred but not
reported, including estimated losses on:

(1) Insured loans that have resulted in the conveyance of property that remains
unsold;

(2) Insured loans in the process of foreclosure;

(3) Insured loans in default for four (4) months or for any lesser period that is
defined as default for such purposes in the policy provisions; and

(4) Insured leases in default for four (4) months or for any lesser period that is
defined as default for such purposes in policy provisions.

C. Contingency Reserve

Each mortgage guaranty insurance company shall establish a contingency reserve

out of net premium remaining (gross premiums less premiums returned to
policyholders net of reinsurance) after establishment of the unearned premium
reserve. The mortgage guaranty insurance company shall contribute to the
contingency reserve an amount equal to fifty percent (50%) of the remaining
unearned premiums. Contributions to the contingency reserve made during each
calendar year shall be maintained for a period of 120 months, except that
withdrawals may be made by the company in any year in which the actual incurred
losses exceed thirty-five percent (35%) of the corresponding earned premiums, and no
releases shall be made without prior approval by the commissioner of insurance of
the insurance companys state of domicile.

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If the coverage provided in this Act exceeds the limitations set forth herein, the
commissioner of insurance shall establish a rate formula factor that will produce a
contingency reserve adequate for the added risk assumed. The face amount of an
insured mortgage shall be computed before any reduction by the mortgage guaranty
insurance companys election to limit its coverage to a portion of the entire
indebtedness.

D. Reinsurance

Whenever a mortgage guaranty insurance company obtains reinsurance from an

insurance company that is properly licensed to provide reinsurance or from an
appropriate governmental agency, the mortgage guaranty insurer and the reinsurer
shall establish and maintain the reserves required in this Act in appropriate
proportions in relation to the risk retained by the original insurer and ceded to the
assuming reinsurer so that the total reserves established shall not be less than the
reserves required by this Act.

E. Miscellaneous

(1) Whenever the laws of any other jurisdiction in which a mortgage guaranty
insurance company subject to the requirement of this Act is also licensed to
transact mortgage guaranty insurance require a larger unearned premium
reserve or contingency reserve in the aggregate than that set forth herein,
the establishment of the larger unearned premium reserve or contingency
reserve in the aggregate shall be deemed to be in compliance with this Act.

(2) Unearned premium reserves and contingency reserves shall be computed and
maintained on risks insured after the effective date of this Act as required by
Subsections A and C. Unearned premium reserves and contingency reserves
on risks insured before the effective date of this Act may be computed and
maintained as required previously.

Section 17. Regulations

The commissioner shall have the authority to promulgate rules and regulations deemed necessary to
effectively implement the requirements of this Act.

________________________________

Chronological Summary of Actions (all references are to the Proceedings of the NAIC).

1976 Proc. II 15, 17, 647, 686, 747-753 (adopted).

1979 Proc. I 44, 47-48, 49, 719, 968-969 (corrected).

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This chart is intended to provide readers with additional information to more easily
access state statutes, regulations, bulletins or administrative rulings related to the NAIC
model. Such guidance provides readers with a starting point from which they may review
how each state has addressed the model and the topic being covered. The NAIC Legal
Division has reviewed each states activity in this area and has determined whether the
citation most appropriately fits in the Model Adoption column or Related State Activity
column based on the definitions listed below. The NAICs interpretation may or may not
be shared by the individual states or by interested readers.

This chart does not constitute a formal legal opinion by the NAIC staff on the provisions
of state law and should not be relied upon as such. Nor does this state page reflect a
determination as to whether a state meets any applicable accreditation standards. Every
effort has been made to provide correct and accurate summaries to assist readers in
locating useful information. Readers should consult state law for further details and for
the most current information.

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KEY:

MODEL ADOPTION: States that have citations identified in this column adopted the most recent
version of the NAIC model in a substantially similar manner. This requires states to adopt the
model in its entirety but does allow for variations in style and format. States that have adopted
portions of the current NAIC model will be included in this column with an explanatory note.

RELATED STATE ACTIVITY: Examples of Related State Activity include but are not limited to:
older versions of the NAIC model, statutes or regulations addressing the same subject matter, or
other administrative guidance such as bulletins and notices. States that have citations identified in
this column only (and nothing listed in the Model Adoption column) have not adopted the most
recent version of the NAIC model in a substantially similar manner.

NO CURRENT ACTIVITY: No state activity on the topic as of the date of the most recent update.
This includes states that have repealed legislation as well as states that have never adopted
legislation.

NAIC MEMBER MODEL ADOPTION RELATED STATE ACTIVITY

Alabama ALA. ADMIN. CODE r. 482-1-043.01

to 482-1-043.10 (2008).

Alaska ALASKA STAT. 21.12.110 (1976)

(mortgage guaranty insurance
defined).

American Samoa NO CURRENT ACTIVITY

Arizona ARIZ. REV. STAT. ANN. 20-1541 to

20-1559 (1977/2010).

Arkansas NO CURRENT ACTIVITY

California CAL. INS. CODE 12640.01 to

12640.18 (1961/2016).

Colorado NO CURRENT ACTIVITY

Connecticut NO CURRENT ACTIVITY

Delaware NO CURRENT ACTIVITY

District of Columbia NO CURRENT ACTIVITY

Florida FLA. STAT. 635.011 to 635.091

(1983/2010); FLA. ADMIN. CODE
ANN. r. 69O-185.001 to 69O-185.007
(1974/2013).

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NAIC MEMBER MODEL ADOPTION RELATED STATE ACTIVITY

Georgia NO CURRENT ACTIVITY

Guam NO CURRENT ACTIVITY

Hawaii NO CURRENT ACTIVITY

Idaho IDAHO CODE ANN. 41-2650 to

41-2656 (1972/2015) (portions of
model).

Illinois ILL. ADMIN. CODE tit. 50, 202.10

to 202.60 (1982/2000).

Indiana NO CURRENT ACTIVITY

Iowa IOWA CODE 515C.1 to 515C.11

(1963/2010).

Kansas KAN. STAT. ANN. 40-3501 to

40-3521 (1977/2012).

Kentucky KY. REV. STAT. ANN. 304.23-010

to 304.23-040 (1970).

Louisiana NO CURRENT ACTIVITY

Maine NO CURRENT ACTIVITY

Maryland NO CURRENT ACTIVITY

Massachusetts NO CURRENT ACTIVITY

Michigan NO CURRENT ACTIVITY

Minnesota NO CURRENT ACTIVITY

Mississippi NO CURRENT ACTIVITY

Missouri MO. CODE REGS. ANN. tit. 20,

500-10.100 to 500-10.400
(1996/2003).

Montana NO CURRENT ACTIVITY

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NAIC MEMBER MODEL ADOPTION RELATED STATE ACTIVITY

Nebraska NO CURRENT ACTIVITY

Nevada NO CURRENT ACTIVITY

New Hampshire NO CURRENT ACTIVITY

New Jersey N.J. STAT. ANN. 17:46A-1 to

17:46A-11 (1968/2015).

New Mexico NO CURRENT ACTIVITY

New York N.Y. INS. LAW 6501 to 6507

(1984/2003).

North Carolina N.C. GEN. STAT. 58-10-120 to

58-10-135 (2001/2009); 11 N.C.
ADMIN. CODE 11.0401 to 11.0406
(1978).

North Dakota NO CURRENT ACTIVITY

Northern Marianas NO CURRENT ACTIVITY

Ohio OHIO ADMIN. CODE 3901:1-13

(1978/2007).

Oklahoma NO CURRENT ACTIVITY

Oregon OR. REV.STAT. 743.705 to

743.708 (1969/1973).

Pennsylvania NO CURRENT ACTIVITY

Puerto Rico P.R. LAWS ANN. tit. 26, 2301 to

2307 (1976).

Rhode Island NO CURRENT ACTIVITY

South Carolina NO CURRENT ACTIVITY

South Dakota NO CURRENT ACTIVITY

Tennessee NO CURRENT ACTIVITY

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NAIC MEMBER MODEL ADOPTION RELATED STATE ACTIVITY

Texas TEX. INS. CODE ANN. 21.50

(1971/1997).

Utah NO CURRENT ACTIVITY

Vermont VT. STAT. ANN. tit. 55, 66.3

(2010).
Virgin Islands NO CURRENT ACTIVITY

Virginia NO CURRENT ACTIVITY

Washington NO CURRENT ACTIVITY

West Virginia NO CURRENT ACTIVITY

Wisconsin WIS. ADMIN. CODE INS. 3.09

(1957/2000).

Wyoming NO CURRENT ACTIVITY

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Proceedings Citations
Cited to the Proceeding of the NAIC

A special task force was appointed by the Subcommittee on Essential Insurance to look at a number
of issues related to mortgage guaranty insurance. The areas of concern into which the task force
should make inquiry included: rating, underwriting, reinsurance, contingency reserves, unearned
premium reserves, losses and loss adjustment reserves, agents' licensing, admission requirements,
multiple line or monoline, and conflict of interest. 1975 Proc. I 866.

The goal of the committee was to develop a model law and regulation by December of 1975. A trade
association offered to provide each commissioner with a copy of a study on private mortgage
insurance sponsored by the Federal National Mortgage Association and the Federal Home Loan
Mortgage Corporation. The study assessed the mortgage insurance industry's financial strength,
competitive position and procedures, investment policies, accounting techniques and underwriting
practices. 1975 Proc. II 477-478.

The drafters concluded that the scope of the proposed model bill should be broad enough to contain
all pertinent and required regulatory provisions yet concise enough to constitute enabling legislation
to be implemented by regulations or directives in those jurisdictions where needed. As they drafted
the model act, the task force still felt it was important to also develop a regulation to implement the
model act. 1976 Proc. I 625.

Section 1. Title

Section 2. Definitions

A. The exposure draft contained definitions for residential mortgage guaranty insurance,
commercial mortgage guaranty insurance and lease guaranty insurance, instead of the single
consolidated definition adopted. 1976 Proc. I 626.

Section 3. Capital and Surplus

The exposure draft suggested a minimum surplus to be maintained of $500,000 for a stock company
and $1,500,000 for a mutual company. These figures were changed before final adoption. 1976
Proc. I 627.

Section 4. Insurer's Authority to Transact Business

Section 5. Geographic Concentration

The exposure draft contained a limitation on insuring loans in a single or contiguous housing or
commercial tract in excess of ten percent of the company's assets. 1976 Proc. I 627.

In 1978 the Executive Committee noted that the NAIC Proceedings incorrectly contained an early
version of the model rather than the one adopted. 1979 Proc. I 49. One of the errors corrected was
to replace the contiguous tract language with a more exact definition from the United States
Department of Commerce. 1979 Proc. I 968.

Section 6. Advertising

Section 7. Investment Limitation

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Cited to the Proceeding of the NAIC

Section 8. Coverage Limitation

Section 9. Mortgage Guaranty Insurance as Monoline

The exposure draft of the model contained only the first paragraph. When the definitions were
revised, a second paragraph was added which contained the first part of Subsection B. 1976 Proc. I
628.

After adoption the draft was corrected to show it should also have included the second part of
Subsection B. 1979 Proc. I 968.

Section 10. Underwriting Discrimination

C. Subsection C was added to the draft after comments on the exposure draft were received.
1976 Proc. I 628.

Section 11. Policy Forms and Premium Rates Filed

C. A drafting note was added when the draft was corrected to clarify the application of
Subsection C. 1979 Proc. I 968.

Section 12. Outstanding Total Liability

One of the corrections made in 1978 was to show the model should have contained the last sentence
of this section which had been omitted. 1979 Proc. I 968.

Section 13. Rebates, Commissions and Charges

D. The last sentence of Subsection D did not appear in the exposure draft, but was added after
comments were received by the task force. 1976 Proc. I 628.

Section 14. Compensating Balances Prohibited

There was considerable reworking of this section in the period of time between exposure of the draft
and adoption. 1976 Proc. I 629.

The draft of this section printed in the Proceedings contained an incorrect version. It was reprinted
in 1978 with the correct language. 1979 Proc. I 969.

Section 15. Conflict of Interest

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Cited to the Proceeding of the NAIC

Section 16. Reserves

A. Although it was the intent of the drafters to develop a model regulation, this was not done
after the task force prepared the model act. 1975 Proc. II 477.

B. When adopted the model contained an obvious typographical error. The version printed in
the Proceedings spoke of components for claims reported "and unpaid". The corrections printed in
1978 showed those two words should not have been included. 1979 Proc. I 968-969.

D. The subsection on reinsurance was not included in the exposure draft, but was added before
adoption by the NAIC. 1976 Proc. I 630.

Section 17. Regulations

This section was not part of the exposure draft, even though the task force had voiced its intention to
develop regulations. 1976 Proc. I 630.

__________________________________________

Chronological Summary of Actions

June 1976: Model adopted.
December 1978: Errors corrected.

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Cited to the Proceeding of the NAIC

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