This excerpt taken from the C 8-K filed Sep 28, 2005.
FORM OF U.S. COMPANY REGULATORY COUNSEL OPINION
1. Each subsidiary listed in Schedule A hereto (an Insurance Subsidiary) has the necessary permits, licenses and authorizations under the insurance laws and regulations of the jurisdiction set forth opposite such Insurance Subsidiarys name on Schedule A hereto to conduct the lines of insurance business set forth opposite such Insurance Subsidiarys name on Schedule A hereto, except where the failure to have such permits, licenses or authorizations would not reasonably be expected to, individually or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole.
2. The Company is not, and after giving effect to the offering and sale of the Shares and the application of the net proceeds from such sale as described in the Company Prospectus under the caption Use of Proceeds will not be, required to register as an investment company, as such term is defined in the Investment Company Act of 1940.
3. The statements set forth in the Companys Annual Report on Form 10-K for the year ended December 31, 2004 under the caption Item 1. Business Regulation, the Company Proxy Statement under the caption Certain Relationships and Transactions Reinsurance Transactions, and the Company Prospectus under the caption Risk Factors Risks Relating to Our Mortgage Insurance Segment, insofar as such statements purport to describe provisions of documents referred to therein, the Federal laws of the United States of America, the laws of the State of New York or the insurance laws and regulations of the Connecticut, Delaware, New York, North Carolina, South Carolina, Texas, Virginia and Wisconsin, fairly summarize such provisions or such laws in all material respects.