Commitments and Contingencies PMIERs As an approved insurer , NMIC is subject to ongoing compliance with the PMIERs established by each of the GSEs (i talicized terms have the same meaning that such terms have in the PMIERs, as described below). The PMIERs establish operational, business, remedial and financial requirements applicable to approved insurers . The PMIERs financial requirements prescribe a risk-based methodology whereby the amount of assets required to be held against each insured loan is determined based on certain loan-level risk characteristics, such as FICO, vintage (year of origination), performing vs. non-performing ( i.e. , current vs. delinquent), LTV and other risk features. In general, higher quality loans carry lower charges. Under the PMIERs, approved insurers must maintain available assets that equal or exceed minimum required assets , which is an amount equal to the greater of (i) $400 million or (ii) a total risk-based required asset amount . The risk-based required asset amount is a function of the risk profile of an approved insurer's net RIF, assessed on a loan-by-loan basis and considered against certain risk-based factors derived from tables set out in the PMIERs to gross RIF, which is then adjusted on an aggregate basis for reinsurance transactions approved by the GSEs, such as with respect to our ILN Transactions and QSR Transactions. The risk-based required asset amount for performing, primary insurance is subject to a floor of 5.6% of performing, primary adjusted RIF , and the risk-based required asset amount for pool insurance considers both factors in the PMIERs tables and the net remaining stop loss for each pool insurance policy. By April 15th of each year, NMIC must certify it met all PMIERs requirements as of December 31st of the prior year. We certified to the GSEs by April 15, 2018 that NMIC was in full compliance with the PMIERs as of December 31, 2017. NMIC also has an ongoing obligation to immediately notify the GSEs in writing upon discovery of a failure to meet one or more of the PMIERs requirements. We continuously monitor NMICs compliance with the PMIERs, Office Lease The company leases office space under its facilities Lease in Emeryville, California. In December 2016, the Company amended its Lease to extend its term through March 2023. As of December 31, 2018, the future minimum lease payments under the Lease are as follows: Years ending December 31, (In Thousands) 2019 $ 2,346 2020 2,417 2021 2,489 2022 2,564 2023 463 Totals $ 10,279 We incurred rent expense related to the Lease of $2.1 million , $2.1 million , and $1.5 million for the years ended December 31, 2018, 2017, and 2016, respectively.