Title 21 — Insurance
53 chapters · 1,244 sections in this title.
AS 21.66.010 Paid in capital and reserves.
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(a) Before a domestic or foreign title insurance company is entitled to a certificate of authority to transact a title insurance business in this state, it shall have basic capital, additional surplus when first authorized, and additional maintained surplus as required by AS 21.0…
AS 21.66.020 Deposits in guaranty fund; insolvency of insurance company.
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(a) In addition to the deposit required in AS 21.66.010(b), within 30 days after the filing of each annual statement, the title insurance company shall deposit with the director a sum equal to 10 percent of the premiums written during the preceding year covering property in this …
AS 21.66.030 Secs. 21.66.030 — 21.66.050. Securities authorized as deposits; special guaranty fund; title insurance unearned premium reserve fund. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.66.060 Dividends.
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A title insurance company may not pay dividends except from net profits remaining on hand after retaining unimpaired (1) the subscribed capital stock; (2) the amount required to be set aside as unearned premium reserve fund under AS 21.18.073; (3) a sum sufficient to pay current …
AS 21.66.070 Filing schedule of rates and policy forms. [Repealed, § 8 ch 120 SLA 1974.]
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[Repealed or reserved.]
AS 21.66.080 Annual statement.
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(a) Every company, on or before March 1 of each year, shall furnish the director or the director's designee a sworn statement of assets and liabilities, and of all title premiums received by it during the preceding calendar year, setting out, among other things, the amounts that …
AS 21.66.085 Quarterly statement.
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(a) The director may require an insurer to file quarterly financial statements. If required, the statements must follow the format specified in AS 21.66.080(a). (b) A quarterly financial statement, if required, is due 45 days after the end of the quarter to which it applies. (c) …
AS 21.66.090 Application for certificate of authority.
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(a) Every company, before engaging in a title insurance business in this state, shall apply to the director for a certificate of authority to transact business under AS 21.09. (b) With the filing of the application, the company shall pay a fee set under AS 21.06.250 and, in addit…
AS 21.66.100 Issuance of certificate of authority by director. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.66.110 Annual tax on title insurance premiums.
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(a) Each title insurance company shall pay a tax of one percent of the amount of gross title insurance premiums received by it, including as premium income received from guaranteed certificates of title and other guarantees of title covering property in this state, as shown by it…
AS 21.66.120 Examination by director.
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(a) The director is authorized to examine the books, accounts, assets, and title plants of a company authorized to write title insurance hereunder to determine that there has been no impairment of capital and that the company has complied with the provisions of this chapter. (b) …
AS 21.66.130 Secs. 21.66.130 , 21.66.140. Expenses of examination; fine or injunction for doing business during suspension of certificate. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.66.150 Application of act. [Repealed, § 8 ch 120 SLA 1974.]
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[Repealed or reserved.]
AS 21.66.160 Penalties. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.66.170 Determination of insurability required.
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(a) A policy or contract of title insurance may not be written until the title insurance company has, through a licensed title insurance limited producer, conducted a reasonable search and examination of the title and the company has made a determination of insurability of title …
AS 21.66.180 General powers.
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A title insurance company may (1) do business as defined in AS 21.66.480; (2) do any act, directly or through a title insurance limited producer, incidental to making a contract or policy of title insurance, including conducting or holding an escrow, settlement, or closing of a t…
AS 21.66.190 Limitations on powers.
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(a) An insurer that transacts any class or kind of insurance other than title insurance is not eligible for the issuance or renewal of a certificate of authority to transact the business of title insurance in this state. (b) A title insurance company may not engage in the busines…
AS 21.66.200 Title plant requirements.
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A title insurance company shall own and maintain in the recording district in which its principal office in the state is located a title plant consisting of adequate maps and fully indexed records showing all instruments of record affecting all land within the recording district …
AS 21.66.210 Joint plant companies.
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(a) Two or more title insurance companies or two or more title insurance limited producers, or a combination of title insurance companies and title insurance limited producers, may apply to the director of insurance to form an association, corporation, or other legal entity, for …
AS 21.66.220 Net retained liability.
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(a) The net retained liability of a title insurance company under a single title insurance risk assumed in this state may not exceed 50 percent of the net amount remaining after deducting from the sum of its capital, surplus, unearned premium reserve, and voluntary reserves, the …
AS 21.66.230 Power to reinsure.
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A title insurance company authorized to engage in the business of title insurance in this state may cede reinsurance of all or any part of its liability under one or more of its policies or contracts of reinsurance agreements to a title insurance company authorized to engage in t…
AS 21.66.240 Title plants.
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A title insurance company may invest in title plants if it complies at all times with the minimum capital investment requirements under this chapter. A title plant shall be considered an asset at its fair value. In determining the fair value of a title plant, no value may be attr…
AS 21.66.250 Trust funds.
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Except as provided in AS 34.80, trust funds or assets held in a fiduciary capacity by a title insurance company that is authorized to do a trust business shall be invested in accordance with AS 06.26.
AS 21.66.260 Title insurance agents certification. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.66.270 Title insurance limited producers to be licensed.
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A title insurance limited producer shall be licensed in the manner provided for in AS 21.27. A title insurance limited producer may not obtain a license unless the producer is a resident of the state. A title insurance limited producer may not be licensed to sell insurance other …
AS 21.66.280 Title insurance limited producers, books, and records.
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(a) In addition to any other requirement of this title, a title insurance limited producer licensee shall maintain books of accounts and records and vouchers pertaining to the business of title insurance in a manner that the director, or an authorized representative, may readily …
AS 21.66.290 Title insurance limited producer replies to director inquiries.
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A title insurance limited producer shall reply in writing promptly, with a copy of the reply mailed to each title insurance company for which the licensee is acting, to an inquiry of the director relating to the licensee's acts as a title insurance limited producer. In addition t…
AS 21.66.300 Certain names prohibited.
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A title insurance limited producer for a title insurance company may not adopt a firm name containing the words “title insurance”, “title guaranty”, or “title guarantee”, unless the words are followed by the words “agent” or “agency” in the same size and type as the words precedi…
AS 21.66.310 Rebates prohibited.
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(a) A title insurer, or officer, employee, attorney, or title insurance limited producer of a title insurer, may not pay, allow, or give or offer to pay, allow, or give, directly or indirectly, as an inducement to obtaining a title insurance business, a rebate, reduction, or abat…
AS 21.66.330 Examination of records.
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If the director has reason to believe that a title insurance limited producer has violated or is in violation of AS 21.66.310, the director shall immediately examine the title insurance limited producer's books of account and record and vouchers pertaining to the business of titl…
AS 21.66.340 Additional penalty for rebates.
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A person who violates AS 21.66.310 is liable to the state for five times the amount or value of the rebate, reduction, or abatement of any rate or charge made incident to the issuance of title insurance, or a special favor or advantage, or a monetary consideration or inducement.
AS 21.66.350 Division of rates.
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Nothing in this chapter prohibits the division of rates and charges between or among a title insurance company and its agent, two or more title insurance companies, one or more title insurance companies and one or more title insurance limited producers, or two or more title insur…
AS 21.66.360 Purpose of title insurance rate regulation.
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The purpose of AS 21.66.370 — 21.66.400 is to promote the public welfare by regulating title insurance rates so that they are not excessive, inadequate, or unfairly discriminatory, and to authorize cooperative action between or among title insurance companies in rate making and o…
AS 21.66.370 Rate filing.
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(a) A title insurance company shall file with the director its schedules of rates, manuals of classifications, rules and plans relating to schedules of rates or manuals of classification, and every modification of the schedules or manuals that it proposes to use in this state. A …
AS 21.66.380 Justification for rates.
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(a) A rate filing shall be accompanied by a statement of the title insurance company making the filing, setting out the basis on which the rate was determined, with the rates computed. A filing of rates may be justified by (1) the experience or judgment of the title insurance com…
AS 21.66.390 Making of rates.
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(a) A title insurance company shall make rates that are not excessive or inadequate, that do not unfairly discriminate between risks in this state that involve essentially the same exposure to loss and expense elements, and that give due consideration to (1) the desirability for …
AS 21.66.400 Disapproval of filings.
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(a) If within the waiting period provided for in AS 21.66.370(c) the director finds that a filing does not meet the requirements of this chapter, the director shall send to the title insurance company that made the filing written notice of disapproval of the filing specifying in …
AS 21.66.401 Secs. 21.66.401 — 21.66.403. Title insurance rating organizations; deviations from filings of rating organization; appeal from action of rating organization. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.66.410 Rate administration.
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(a) The director may prescribe by regulation (1) guidelines reasonably adaptable to each of the rating systems on file with the director; (2) a uniform classification of accounts to be observed; (3) statistics to be reported; and (4) uniform forms for reporting this data by all t…
AS 21.66.420 False or misleading information.
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A title insurance company or title insurance limited producer may not wilfully withhold information from, or knowingly give false or misleading information to the director that will affect the rates chargeable under this chapter.
AS 21.66.430 Secs. 21.66.430 , 21.66.440. Penalties; existing filings and hearings continued. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.66.450 Forms of policies and other contracts of title insurance.
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(a) Each title insurance company shall file with the director all forms of title policies and other contracts of title insurance that it proposes to issue in this state before their issuance; however, in no event may a title insurance company issue a form of policy or contract be…
AS 21.66.460 Filing required for escrow, settlement, and closing charges.
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(a) Each title insurance company shall file with the director a schedule of the escrow, settlement, and closing charges that it proposes to use in this state for these services when performed in connection with the issuance of policies of title insurance. The filing must state th…
AS 21.66.470 Other sections applicable.
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The provisions of this title governing insurance companies, except to the extent that they are inconsistent with the provisions of this chapter, apply to the business of title insurance and to title insurance companies.
AS 21.66.480 Definitions.
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In this chapter, (1) “applicants for insurance” means those persons, whether or not prospectively insured, who apply to a title insurance company or to its agent, for title insurance, and who at the time of the application are not agents for a title insurance company; (2) “busine…