NU Online News Service, Aug. 22, 1:12 p.m. EDT
The Arizona Department of Insurance has placed PMI Mortgage Insurance Co. (MIC) and PMI Insurance Co. (PIC) under supervision and has ordered the companies, both part of the PMI Group, to cease issuing new mortgage insurance commitments.
Rating agencies had speculated such actions could come from regulators this year after PMI Group reported a 2011 second-quarter net loss of $134.8 million and said MIC's policyholders' position was $320.3 million below the minimum required by Arizona law.
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