NU Online News Service, Aug. 19, 2:20 p.m. EST

Mortgage insurer The PMI Group Inc. has fallen below the New York Stock Exchange's listing requirement.

The NYSE requires a minimum average closing price of $1 per share over 30 trading days.

During the afternoon of Aug. 19, shares of PMI were selling at $0.31, down more than 7.5 percent from the previous close.

The NYSE says PMI has six months to comply with the minimum listing standard. The company's stock, for now, will continue to be listed.

If PMI fails to reach an average of $1 per share over a 30-day trading period, NYSE says it will take steps to suspend and delist the Walnut Creek, Calif.-based insurer.

PMI says it has informed the stock exchange that it intends to fix the problem.

Early this month Stand & Poor's lowered PMI Mortgage Insurance Co.'s financial-strength rating to CCC-minus from B-minus. Statutory insolvency and/or regulatory action on the company are possible by the end of the year, S&P says.

PMI Group reported a 2011 second-quarter net loss of $134.8 million, compared to a net loss of $150.6 million during the same time last year. The company's U.S. mortgage insurance operations took a net loss of $338.4 million in the quarter, driven by elevated losses and loss-adjustment expenses.