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Cancellation of hazard insurance. 


Directive Number: 203.382 


 
The mortgagee shall cancel any hazard insurance policy as of the date
of the filing for record of the deed to the Commissioner subject to the
following conditions:
 
(a) The amount of the return premium due the mortgagee because of
such cancellation may be calculated on a ``short-rate'' basis and
reported on fiscal data supporting the application for debentures and the
amount shall be deducted from the total amount claimed.
 
(b) If the mortgagee's calculation of the return premium is less than
the actual return, the amount of the difference between the actual refund
and the calculated amount shall be remitted to the Commissioner,
accompanied by the carrier's or agent's statement.
 
(c) If the mortgagee's calculation of the return premium is more than
the actual return, the mortgagee may file with the Commissioner a claim,
supported by the carrier's or agent's statement of the amount of the
refund, whereupon the Commissioner shall issue a check to the mortgagee
in settlement of the claim.
 
Property Title Transfers and Title Waivers



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