• MGIC Delays Capital Contribution to New Business Unit
• MGIC Loses $971m on Increasing Delinquencies
• Fannie Mae Approves Four New Mortgage Insurers
• MGIC Delays Interest Payments for 10 Years
• Mortgage Insurer MGIC Loses $1.3bn in 2009

The Office of the Commissioner of Insurance (OCI) in Wisconsin waived until Dec. 31, 2011 a requirement that Mortgage Guaranty Insurance Corp. (MGIC) — subsidiary of MGIC Investment Corp. (MTG: 8.57 +7.39%) — maintain a certain minimum regulatory capital to write new mortgage guaranty policies.

It's part of MGIC's plan to continue to write new business partly through wholly-owned subsidiary MGIC Indemnity Corp. (MIC), which was recently capitalized by MGIC with $200m.

Insurance regulators are exercising more discretion in permitting mortgage insurers to continue with new business despite capital shortfalls below required levels.

The Wisconsin OCI also approved a change to MIC's business plan that involves MIC writing new business only in jurisdictions where MGIC does not meet minimum capital requirements or does not obtain a waiver of those requirements from the appropriate regulatory authority.

These actions by the OCI will help MGIC continue to write new insurance on a nationwide basis through MIC, according to a statement by MGIC chairman and CEO Curt Culver.

Mortgage giant Fannie Mae (FNM: 0.00 N/A) previously approved MIC as an eligible insurer through Dec. 31, 2011. MGIC said it is still working with Freddie Mac (FRE: 0.00 N/A) to obtain approval of MIC as an eligible insurer.

Write to Diana Golobay.