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• W2318478051 abstract "The purpose of this paper is to examine the regulations that govern the investment activities of private mortgage insurers. These firms are unlike other non-life insurers in several respects that have a bearing on investment policy. Although some states have regulations that reflect the uniqueness of mortgage insurers, the effectiveness of these regulations in controlling risk absorption is limited. The nature of the insurance contract and underwriting risk assumed by mortgage insurers is sufficient to justify more conservative regulatory guidelines than presently exist. The need for such guidelines is even more compelling in light of recent changes in the mortgage and financial markets. This paper examines potential regulatory problems associated with the investment activities of private mortgage insurers (hereafter referred to as MIICs). These firms insure mortgage lenders against both normal or day-to-day losses as well as the potentially catastrophic losses that could result from major economic adversity. The relationship between these large-scale losses and the investment policies of MICs has regulatory implications. Although a number of specific restrictions seemingly protect policyowners, their effectiveness is questionable because the regulations do not reflect all aspects of the unique relationship between the investment risk and the underwriting risk of MICs. To the extent that this unique relationship is not reflected in the present regulatory framework, the transfer of risk from a mortgage lender to the insurer may be negated by an investment policy inconsistent with the risk bearing function of the firm. In order to reflect the financial realities of mortgage insurance, the regulation of investments should focus not only on specific issues such as interest coverage or the continuity of dividend payments, but investment policy as well. Investment policy is a much broader issue and encompasses such matters as maturity composition, portfolio quality, diversification, and the mix of fixed income and equity securities. When the present John 1H. Brick, Ph.D., C.F.A., is an Assistant Professor, Department of Accounting aind Financial Administration, Michigan State University. Howard E. Thompson is Mary Rennebohn Professor, School of Business, University of Wisconsin, Madison. Professor Thompson has published extensively with articles appearing in the Journal of Risk and Insurance, Journal of Finance, Journal of Business, The Bell Joturnal of Economics and Management Science, Management Science, Operations Research, The Financial Analyst Journal, and Decision Science." @default.
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• W2318478051 date "1978-06-01" @default.
• W2318478051 modified "2023-09-27" @default.
• W2318478051 title "Investment Portfolios and Regulation of Private Mortgage Insurance" @default.
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• W2318478051 doi "https://doi.org/10.2307/251677" @default.
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