Iowa: None
Illinois: Section 50 ILAC 202.60 (e) of Illinois insurance regulations prohibits a mortgage insurer from covering loans originated by a lender if the lender or its affiliate owns an equity interest in the mortgage insurer.
Minnesota: None
Michigan: None
A summary of the factual data and analytical methodologies that OCI used in support of the proposed rule and how any related findings support the regulatory approach chosen for the proposed rule
The proposed rule is based on the experience of the Office regulating and examining mortgage guaranty insurers, and the expertise of the financial analysts and examiners responsible for their regulation, including the application of the existing exception in s.
Ins 3.09 (19) (c), Wis. Adm. Code.
Any analysis and supporting documentation that OCI used in support of OCI's determination of the rule's effect on small businesses under s.
227.114:
The Office reviewed the annual financial reports of licensed mortgage guaranty insurers. There are no such insurers that are small businesses.
If these changes may have a significant fiscal effect on the private sector, the anticipated costs that will be incurred by private sector in complying with the rule:
There is no significant fiscal effect on the private sector. The proposed rule will establish an exception from an existing prohibition. The limited reporting requirement included will not impose any significant cost beyond the existing reporting requirements.
A description of the Effect on Small Business:
This rule will have no effect on small businesses.
Agency contact person:
A copy of the full text of the proposed rule changes, analysis and fiscal estimate may be obtained from the WEB sites at:
http://oci.wi.gov/ocirules.htm
or by contacting Inger Williams, OCI Services Section, at:
Phone: (608) 264-8110
Address: 125 South Webster St – 2nd Floor
Madison WI 53702
Mail: PO Box 7873, Madison WI 53707-7873
Place where comments are to be submitted and deadline for submission
The deadline for submitting comments is 4:00 p.m. on the 7th day after the date for the hearing stated in the Notice of Hearing.
Mailing address:
Fred Nepple
Legal Unit - OCI Rule Comment for Rule Ins 3.09 (19)
Office of the Commissioner of Insurance
PO Box 7873
Madison WI 53707-7873
Street address:
Fred Nepple
Legal Unit - OCI Rule Comment for Rule Ins 3.09 (19)
Office of the Commissioner of Insurance
125 South Webster St – 2nd Floor
Madison WI 53702
Summary of Proposed Rule and Fiscal Estimate
For a summary of the rule see the analysis contained in the attached proposed rulemaking order. There will be no state or local government fiscal effect. The full text of the proposed changes, a summary of the changes and the fiscal estimate are attached to this Notice of Hearing.
Initial Regulatory Flexibility Analysis
This rule does not impose any additional requirements on small businesses.
OCI Small Business Regulatory Coordinator
The OCI small business coordinator is Eileen Mallow and may be reached at phone number (608) 266- 7843 or at email address
Eileen.Mallow@oci.state.wi.us
Contact Person
A copy of the full text of the proposed rule changes, analysis and fiscal estimate may be obtained from the OCI internet WEB site at
http://oci.wi.gov/ocirules.htm or by contacting Inger Williams, Services Section, OCI, at:
Inger.Williams@OCI.State.WI.US, (608) 264-8110, 125 South Webster Street – 2
nd Floor, Madison WI or PO Box 7873, Madison WI 53707-7873.
