reglab/housing_qa huggingface dataset:
AK Stat § 21.66.010 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.010. Paid in capital and reserves.

(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 21.09.070, including a deposit as required in AS 21.09.090. (b) A domestic or foreign title insurance company shall have on deposit with the director or insurance commissioner of the state of its domicile, before the issuance of any policy of title insurance in this state, the amount required by AS 21.09.090 for the purpose described in that section. The amount of this deposit shall be increased by the sum of $50,000 for each state or territorial subdivision of the United States or the District of Columbia, other than the state of its domicile, in which it becomes qualified to engage in the business of title insurance, less the amount required by and deposited in the other states or territorial subdivisions, provided the deposits shall be for the security and protection of its policyholders or their beneficiaries, wherever situated. When the aggregate of amounts deposited in this or other states or territorial subdivisions or the District of Columbia has reached the sum of $750,000, no further deposit is required of the title insurance company as a condition of engaging in the business of title insurance in this state. (c) If a company is unable to make the deposits required under this section in the state of its domicile because of a lack of statutory authority for making the deposits, the deposits may be made with the director of insurance of this state.
AK Stat § 21.66.020 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.020. Deposits in guaranty fund; insolvency of insurance company.

(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 state, as shown by the annual statement, until the accumulated deposits, added to the sums originally deposited with the director, as provided in this chapter, total $750,000, but the title insurance company may not be required to deposit more than $50,000 in any one year. The purpose of this deposit is to provide a guaranty fund for payment of claims under title guaranties and policies issued in Alaska in the event of the insolvency of the title insurer. (b) When a title insurance company holding a certificate of authority under this chapter is found to be insolvent by a proceeding in a court of competent jurisdiction, the director shall take control of deposits made by the title insurance company and held in this state. If the finding of insolvency is from a court in another state, the director shall file for an ancillary receivership under AS 21.78 to administer the deposits and other assets in this state and pay claims in this state. Any funds remaining after payment of all claims under policies in this state shall be forwarded to the receiver. (c) On request of a title insurance company, the director shall return the assets held on deposit when the company is no longer authorized to write insurance in this state, the director is satisfied that there are no risks in the state covered by contracts of the company, and the assets are no longer required to be held by any provision of law. (d) In addition to the provisions of this section, the following provisions of this title also apply with respect to deposits under this section to the extent applicable and not in conflict with the express provisions of this chapter and the reasonable implications of the express provisions: (1) AS 21.24.040(a), (d), and (e); (2) AS 21.24.060.
AK Stat § 21.66.060 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.060. Dividends.

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 liabilities for operating expenses and taxes, and losses established or in process of settlement, without impairment of the unearned premium reserve fund required under AS 21.18.073.
AK Stat § 21.66.080 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.080. Annual statement.

(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 have been set aside and held by it in an account required under AS 21.18.073. The reporting format for a given year is the most recently approved National Association of Insurance Commissioners Annual Financial Statement blank form and instructions, supplemented for additional information as required by the director. The director may require the statement to be filed on electronic media. The statement must also show all unpaid losses and claims upon title insurance policies of which the title insurance company has received due notice in writing from or on behalf of the insured. With the filing of the statement, the title insurance company shall pay a filing fee set under AS 21.06.250. (b) A domestic title insurance company shall comply with AS 21.09.200(f).
AK Stat § 21.66.085 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.085. Quarterly statement.

(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) An insurer shall pay to the division $100 for each day the insurer fails to file the quarterly statement in the form required or within the time established in (b) of this section.
AK Stat § 21.66.090 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.090. Application for certificate of authority.

(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 addition, shall pay all expenses incurred in examining the applicant's title plant or plants, as required by AS 21.06.160.
AK Stat § 21.66.110 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.110. Annual tax on title insurance premiums.

(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 its annual statement to the director. The director shall specify the due dates and the method of payment. (b) The provisions of AS 21.96.070 apply to a taxpayer who is required to pay the tax due under this section. (c) A title insurance company shall pay to the division a late payment fee of $50 a month plus five percent of tax due each calendar month or part of a month during which the insurer fails to pay the full amount of the tax or a portion of the tax and interest at the rate of one percent of the tax due each calendar month or part of a month for the period the insurer fails to pay the premium tax. The late payment fee, not including interest, may not exceed $250 plus 25 percent of the tax due. The tax payment shall be made in the form required by the director, or a penalty shall be added to the tax equal to 25 percent of the tax due, not to exceed $2,000, with a minimum penalty of $100. In addition to any other penalty provided by law, if the provisions of this section are wilfully violated, then a civil penalty may be assessed of not more than $10,000. The director may suspend or revoke the certificate of authority of a title insurance company that fails to pay its taxes, a penalty, or a late payment fee as required under this section.
AK Stat § 21.66.120 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.120. Examination by director.

(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) [Repealed, § 223 ch 67 SLA 1992.]
AK Stat § 21.66.170 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.170. Determination of insurability required.

(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 in accordance with its established underwriting practices. Evidence of the determination shall be preserved and retained in the files of the title insurance company or its agent for a period of not less than 15 years after the policy or contract of title insurance has been issued. In lieu of retaining the original evidence, the title insurance company or the title insurance limited producer, may, in the regular course of business, establish a system by which all or part of these writings are recorded, copied, or reproduced by any photographic, photostatic, microfilm, microcard, miniature photographic, or other process that accurately reproduces or forms a durable medium for reproducing the original. (b) This section does not apply to (1) a company assuming no primary liability in a contract of reinsurance; or (2) a company acting as a co-insurer if one of the other co-insuring companies has complied with this section.
AK Stat § 21.66.180 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.180. General powers.

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 transaction; and (3) provide other services relative or incidental to the sale and transfer of real or personal property.
AK Stat § 21.66.190 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.190. Limitations on powers.

(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 business of guaranteeing the payment of the principal or the interest of bonds or other obligations.
AK Stat § 21.66.200 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.200. Title plant requirements.

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 for a period of at least 25 years immediately before the date a policy of title insurance is issued by the title insurance company. It shall also directly or through its agent own and maintain a comparable title plant for each additional recording district in which it or its agent maintains an office to transact a title insurance business.
AK Stat § 21.66.210 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.210. Joint plant companies.

(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 the purpose of engaging in the business of preparing abstracts of title searches from public records or from records to be owned by the entity, upon the basis of which a title insurance limited producer or a title insurance company will issue title policies. The owners or participants are considered to be in compliance with the provisions of this section and AS 21.66.200 if the title plant of the association, corporation, or other legal entity complies with the provisions of this section. The application must contain (1) a copy of the proposed articles of incorporation or association and the bylaws or agreement governing the operation of the entity; (2) a list of the owners or participants; (3) the names and addresses of the persons who will operate the entity, with a description of their experience and qualifications; (4) the conditions under which ownership or participation in the entity may be sold or acquired; (5) a statement of whether or not title information will be compiled and sold to persons other than owners of or participants in the entity; (6) a pro forma balance sheet and other financial information to indicate the sufficiency of financing the entity; and (7) basic information, including the joint title plant name, the physical address, the mailing address, the electronic mailing address, and telephone numbers. (b) If the director finds that (1) the entity will be adequately financed, (2) the persons who will be operating the entity are qualified and (3) the rules of operation as expressed in the articles of incorporation or association and the bylaws will promote the efficiency of the operation of the subscribing owners or participants and will not unduly restrict competition, the director shall issue a certificate of authority to the entity and permit it to organize. Each application under this section shall be granted or denied in whole or in part by the director within 60 days from the date it is filed. A certificate of authority issued under this section remains in effect until suspended or revoked by the director. The fee for the certificate of authority is set under AS 21.06.250. The certificate of authority is subject to annual continuation. The fee for continuation is set under AS 21.06.250. A certificate of authority issued under this section may be suspended or revoked by the director after hearing upon notice if the entity ceases to operate as provided in the application or if the director determines that the operation has become a restraint on competition and is not in the interests of the public. Every entity issued a certificate of authority under this section shall notify the director promptly of every change occurring under this section.
AK Stat § 21.66.220 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.220. Net retained liability.

(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 value, if any, assigned in the summation to its title plants, as shown in its most recent report on file with the director. The same limitation applies to any secondary risk assumed by means of reinsurance or to a policy of excess co-insurance. Upon application by a title insurance company and the showing of good cause, the director may waive the limitation in connection with the assumption of a particular risk. (b) Nothing in this section is intended to limit the amount of a single insurance risk, as defined in AS 21.66.480, that may be written or assumed by a title insurance company, if (1) it cedes to one or more other title insurance companies, on or before the effective date of the writing or assumption, the portion, or portions, of the risk sufficient to bring its net retained liability within the limits provided in this section; and (2) each cession of risk is also within the limits of this section as applied to the sum of the capital, surplus, unearned premium reserve, and voluntary reserves, less the value, if any, assigned in the summation to the title plants of the assuming and reinsuring title insurance company, as shown by its most recent report on file with the director or commissioner of insurance in the state of its domicile.
AK Stat § 21.66.230 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.230. Power to reinsure.

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 the business of title insurance in this or any other state or the District of Columbia. However, no larger amount of reinsurance may be assumed by a title insurance company on a single policy, or contract of title insurance, or on any single title insurance risk as defined in AS 21.66.480, than the title insurance company would be permitted to retain if authorized to engage in the business of title insurance in this state. It may also reinsure policies of title insurance issued by other companies on risks whether located in or out of this state. A title insurance company authorized to transact business in this state shall pay to this state taxes required on all business taxable in this state and reinsured, as provided in this section, with any foreign or alien company not authorized to do business in this state. Issuance of contracts of reinsurance by a title insurance company not authorized to engage in the business of title insurance in a state or the District of Columbia, reinsuring a title insurance company authorized to engage in the business of title insurance in this state on property located in this state, does not of itself constitute the doing of business in this state by the reinsuring company.
AK Stat § 21.66.240 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.240. Title plants.

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 attributed to furniture and fixtures, and the real estate in which the title plant is housed shall be carried as real estate. The value of title abstracts, title briefs, copies of conveyances or other documents, indices, and other records comprising the title plant shall be determined by considering the expenses incurred in obtaining them, the age of them, the cost of replacements less depreciation, and all other relevant factors. Once the value of a title plant is determined under this section, the value may be increased only by the acquisition of another title plant by purchase, consolidation, or merger; however, in no event may the value of the title plant be increased by additions made to it as part of the normal course of abstracting and insuring titles to real estate. Subject to the limitations in this section and with the approval of the director as provided by AS 21.66.210, a title insurance company may enter into agreements with other title insurance companies to participate in the use, ownership, management, and control of a title plant in order to service the needs of all the title insurance companies, or the title insurance companies may hold stock of a corporation owning and operating a title plant for this purpose.
AK Stat § 21.66.250 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.250. Trust funds.

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.
AK Stat § 21.66.270 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.270. Title insurance limited producers to be licensed.

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 than title insurance.
AK Stat § 21.66.280 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.280. Title insurance limited producers, books, and records.

(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 ascertain whether the licensee has complied with the provisions of this chapter. (b) A title insurance limited producer licensee may engage in the business of handling escrows, settlements, and closings in connection with the business of title insurance; however, (1) the licensee shall maintain a separate record of all receipts and disbursements of escrow funds and may not commingle the funds with personal funds or with funds held by the licensee in any other capacity; (2) the licensee shall comply with the standards of solvency that the director requires; and (3) the licensee shall submit financial statements that the director requires. (c) In addition to any other penalty provided by law, if the director determines that a title insurance limited producer licensee has failed to comply with a provision of this section, the director may, after a hearing, revoke the limited producer license.
AK Stat § 21.66.290 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.290. Title insurance limited producer replies to director inquiries.

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 to any other penalty provided by law, failure to reply is a ground for revocation of the license. A copy of the inquiry shall be sent by the director to each title insurance company for which the licensee is acting.
AK Stat § 21.66.300 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 66. Title Insurance Companies|Sec. 21.66.300. Certain names prohibited.

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 preceding them. This section does not apply to a title insurance company acting as an agent for another title insurance company.