Ins 3.09(7m)(7m) Segregated trust requirements. A segregated trust established under this section shall be established by a reinsurer for the benefit of a mortgage guaranty insurer and shall satisfy all of the following requirements: Ins 3.09(7m)(a)(a) Has a trustee domiciled in the mortgage guaranty insurer’s state of domicile, domiciled in Wisconsin or approved by the commissioner. Ins 3.09(7m)(d)(d) Makes quarterly and annual reports as required by the commissioner. Ins 3.09(7m)(e)(e) Is subject to withdrawals only by and under the control of the ceding mortgage guaranty insurer. Ins 3.09(7m)(h)(h) Provides to the commissioner an opinion of counsel stating that the segregated trust and its governing agreements comply with the applicable sections of this section and that the reinsured will have a valid and perfected security interest or an equitable interest in the assets transferred under the trust agreements, or both, and will be entitled to use those assets for the purpose of satisfying a reinsurer’s obligations under the trust agreement in the event of the bankruptcy of the reinsurer. Ins 3.09(7m)(i)(i) Is governed by an agreement which, together with all amendments, has been approved by the commissioner. Ins 3.09(8)(a)(a) A mortgage guaranty insurer may, by contract, reinsure any insurance it transacts, except that no mortgage guaranty insurer may enter into reinsurance arrangements designed to circumvent the compensation control provisions of sub. (16) or the contingency reserve requirement of sub. (14). The unearned premium reserve required by sub. (13), the contingency reserve required by sub. (14) and the loss reserve required by sub. (15) shall be established and maintained by the original insurer or by the assuming reinsurer so that the aggregate reserves shall be equal to or greater than the reserves required by subs. (13), (14) and (15). Ins 3.09(8)(b)(b) If reinsurance is assumed by an insurer which insures or reinsures other lines of insurance in addition to mortgage guaranty insurance, then in order for a mortgage guaranty insurer to receive credit for reinsurance ceded in its financial statements and in the calculation of minimum policyholders position, all of the following shall occur: Ins 3.09(8)(b)1.1. The reinsurance agreement and the segregated account or segregated trust arrangements shall be submitted to the commissioner for approval. Ins 3.09(8)(b)2.2. The reinsurer shall establish and maintain in a segregated account or segregated trust the reserves required by subs. (13), (14) and (15). Ins 3.09(8)(b)3.3. If the reinsurer establishes a segregated trust, the reinsurance agreement shall provide that: Ins 3.09(8)(b)3.a.a. The segregated trust shall be in a form approved by the commissioner; Ins 3.09(8)(b)3.b.b. The commissioner shall approve any amendments to the reinsurance agreement before the amendments become effective; Ins 3.09(8)(b)3.c.c. The ceding mortgage guaranty insurer has a right to terminate the ceding of additional insurance under the reinsurance agreement if so ordered by the commissioner; Ins 3.09(8)(b)3.d.d. The commissioner has the right to request from the assuming reinsurer information concerning its financial condition; and Ins 3.09(8)(b)3.e.e. The assuming reinsurer shall notify the commissioner of any material change in its financial condition. Ins 3.09(8)(c)(c) In reviewing a reinsurance arrangement with an insurer which writes other lines of insurance in addition to mortgage guaranty, the commissioner may consider any or all of the following: Ins 3.09(8)(c)2.2. The reinsurance agreement and its compliance with this section. Ins 3.09(8)(c)3.3. The trust agreement and its compliance with this section. After review of the reinsurance and trust agreements, the commissioner may deny credit for the reinsurance on the ceding mortgage guaranty insurer’s financial statements, if deemed necessary for the protection of the mortgage guaranty insurer or its Wisconsin insureds. Ins 3.09(9)(9) Advertising. No mortgage guaranty insurer or any agent or representative of a mortgage guaranty insurer 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 insurers 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. Ins 3.09(10)(10) Policy forms. All policy forms and endorsements shall be filed with and be subject to 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. Ins 3.09(11)(a)(a) The total consideration charged for mortgage guaranty insurance policies, including policy and other fees or similar charges, shall be considered premium and must be stated in the policy and shall be subject to the reserve requirements of subs. (13) and (14).