Title 21 — Insurance
53 chapters · 1,244 sections in this title.
AS 21.59.050 Reserves.
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(a) An automobile service corporation shall establish and maintain unimpaired reserves as follows: (1) a reserve in an amount not less than all legal obligations of the corporation, other than claims originating under subscriber's contracts, due but unpaid; (2) a reserve equal to…
AS 21.59.060 Records and accounts.
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(a) An automobile service corporation shall establish and maintain complete and accurate records and accounts covering its transactions and affairs in accordance with generally accepted accounting principles as applied to the business of the corporation. (b) The director may acce…
AS 21.59.070 Other provisions applicable.
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In addition to the provisions of AS 21.59.010 — 21.59.090, the following provisions of this title shall apply to automobile service corporations, to the extent applicable and not in conflict with the express provisions of AS 21.59.010 — 21.59.090 and the reasonable implications o…
AS 21.59.090 Definitions.
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Article 2. Motor Vehicle Service Contracts. In AS 21.59.010 — 21.59.090, (1) “automobile service corporation” means a corporation providing all or part of one or more automobile service corporation services for subscribers in exchange for periodic prepayment in identifiable amoun…
AS 21.59.110 Motor vehicle service contract.
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[Repealed or reserved.]
AS 21.59.120 Exemptions.
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(a) The following are exempt from AS 21.59.110 — 21.59.290: (1) a motor vehicle warranty or a product warranty under 15 U.S.C. 2301 — 2312 (Magnuson-Moss Warranty—Federal Trade Commission Improvement Act), as amended; (2) a motor vehicle maintenance agreement; in this paragraph, …
AS 21.59.130 Motor vehicle service contract provider; duties.
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(a) A provider may not market, offer for sale, sell, issue, or make a motor vehicle service contract in this state unless the provider provides to the motor vehicle service contract holder (1) a receipt for, or other written evidence of, the purchase of the motor vehicle service …
AS 21.59.140 Provider license; notice to licensee.
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(a) A provider of a motor vehicle service contract sold in this state shall file an application for a license with the director on a form prescribed by the director and pay a licensing fee to the director in an amount determined by the director. The application shall include the …
AS 21.59.150 Provider license renewal, expiration, reinstatement.
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(a) A provider may renew a license issued under AS 21.59.110 — 21.59.290 biennially on a date set by the director if the licensee continues to be qualified under AS 21.59.110 — 21.59.290 and, on or before the close of business of the renewal date, meets all renewal requirements e…
AS 21.59.160 Administrator registration.
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(a) A person may not act as an administrator of motor vehicle service contracts sold in this state unless the person registers with the director by providing the following information: (1) the administrator's name, business address, and other information required by the director;…
AS 21.59.170 Return and cancellation.
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(a) A motor vehicle service contract must allow the service contract holder to cancel the motor vehicle service contract not later than 30 days after the date that the motor vehicle service contract was delivered to the service contract holder, not later than 10 days after the da…
AS 21.59.180 Provider's financial responsibility.
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(a) To ensure the faithful performance of a provider's obligations to its service contract holders, a provider shall either (1) obtain from an insurer or risk retention group authorized to transact the business of insurance in the state insurance that either reimburses the provid…
AS 21.59.190 Records.
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(a) The provider shall keep accurate accounts, books, and records related to the sale of motor vehicle service contracts, including (1) copies of each type of motor vehicle service contract sold; (2) the name and address of each service contract holder to the extent that the name…
AS 21.59.200 Examination, investigations, enforcement, and penalties.
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(a) The director may conduct investigations or examinations of a provider, administrator, insurer, or other person to enforce the provisions of AS 21.59.110 — 21.59.290 and to protect service contract holders in this state in accordance with AS 21.06. (b) The director may take ne…
AS 21.59.290 Definitions.
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In AS 21.59.110 — 21.59.290, (1) “administrator” means a person who is responsible for the administration of a motor vehicle service contract or the motor vehicle service contract plan; (2) “motor vehicle” means a motor vehicle subject to registration under AS 28.10.011; (3) “mot…
AS 21.60.010 Over-insurance prohibited.
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(a) Over-insurance shall be considered to exist if property or an insurable interest in property is insured by one or more insurance contracts against the same hazard in an amount in excess of the fair value of the property or of the interest, as determined on the effective date …
AS 21.60.020 Replacement insurance.
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By a contract of insurance of property or of any insurable interest in the property, the insurer may in connection with a special provision or endorsement made a part of the policy insure the cost of repair or replacement of the property, if damaged or destroyed by a hazard insur…
AS 21.61.100 Air ambulance membership agreement.
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(a) An air ambulance service provider that meets the requirements of AS 21.61.105 may offer an air ambulance membership agreement. (b) The term of an air ambulance membership agreement may not exceed one year, but may be renewed annually. (c) An air ambulance membership agreement…
AS 21.61.105 Registration of air ambulance service providers.
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(a) An air ambulance service provider that offers an air ambulance membership agreement shall register biennially with the director on a form prescribed by the director. (b) At the time of registration, an air ambulance service provider shall supply the director with evidence tha…
AS 21.61.106 Other provisions applicable.
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(a) In addition to the provisions of this chapter, the following provisions of this title apply to air ambulance service providers and air ambulance membership agreements to the extent applicable and not in conflict with the express provisions of this chapter and the reasonable i…
AS 21.61.109 Regulations.
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The director may adopt regulations to implement this chapter.
AS 21.61.110 Definitions.
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In AS 21.61.100 — 21.61.110, (1) “air ambulance” means a publicly or privately owned aircraft intended to be used and maintained or operated to provide critical care ambulance services, air medevacs, and medevac services for the transportation of individuals who are sick, injured…
AS 21.63.010 Rights of surety insurer.
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A surety insurer authorized as such under this title shall have the power to become the surety on bonds and undertakings required by law, subject to all the rights and liabilities of private persons. This section does not limit in any way the powers, obligations, and liabilities …
AS 21.63.020 May be sole surety on official bonds.
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Whenever a bond, undertaking, recognizance, or other obligation is by law, or the charter, ordinance, rules, or regulations of a municipality, board, body, organization, or public officer, required or permitted to be made, given, tendered, or filed, with surety or sureties, and w…
AS 21.63.030 Release from liability on official bonds.
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A surety insurer may be released from its liability on a bond referred to in AS 21.63.020 upon the same terms and conditions as are by law prescribed for the release of individual sureties.
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 …