Connecticut § 32-18 - Insurance premiums.
Full text of Connecticut Connecticut General Statutes § 32-18 — Insurance premiums., with citation guidance and answers to common questions.
§ 32-18. Insurance premiums.
Sec. 32-18. Insurance premiums. The corporation shall fix insurance premiums for the insurance of mortgage or loan payments under the provisions of this chapter, such premiums to be computed as a percentage of the principal of the insured indebtedness outstanding at the beginning of each mortgage or loan year. Such insurance premiums shall not be more than two per cent per year of such insured indebtedness outstanding at the beginning of the relevant mortgage or loan year and shall be calculated on the basis of all pertinent, available data. Such premiums shall be payable by the mortgagors or the mortgagees in such manner as is prescribed by the corporation. The amount of premium need not be uniform among the various loans insured.
(1961, P.A. 542, S. 9; February, 1965, P.A. 494, S. 10; 1972, P.A. 195, S. 23; P.A. 73-599, S. 30; P.A. 91-161, S. 3, 9; P.A. 93-360, S. 5, 19; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: 1965 act referred to “principal” rather than “principal obligation” of mortgage; 1972 act made technical correction; P.A. 73-599 replaced industrial building commission with Connecticut development authority; P.A. 91-161 substituted “insured indebtedness” for “mortgage” and “principal”; P.A. 93-360 applied provisions of section to loans as well as to mortgages, effective June 14, 1993; pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012.
Frequently Asked Questions About Connecticut § 32-18
What does Connecticut General Statutes § 32-18 cover?
Section 32-18 ("Insurance premiums.") is part of the Connecticut General Statutes, the codified statutory law of Connecticut. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Connecticut § 32-18?
A common citation format is "Connecticut General Statutes § 32-18" (Connecticut). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Connecticut law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Connecticut official source linked on this page or consult a licensed Connecticut attorney.
How does Connecticut § 32-18 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Connecticut can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Connecticut.