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2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 1. Automobile Service Corporations. › Sec. 21.59.020. Incorporation and certificate of authority required.

(a) A person providing or intending to provide automobile service corporation services shall be a corporation currently authorized as an automobile service corporation under a certificate of authority issued by the director under AS 21.59.010 - 21.59.090.
(b) If the corporation is to be formed under the laws of this state, the articles of incorporation of the proposed corporation or amendments to existing articles of incorporation shall be submitted to the director before they are filed with the commissioner of commerce, community, and economic development. The commissioner of commerce, community, and economic development may not file the articles or amendments unless the director's approval is endorsed. The director shall approve the articles or amendments unless the director finds that the articles or amendments do not comply with law. If not approved, the director shall return the proposed articles of incorporation to the incorporators or amendments to the corporation, together with a written, detailed statement of the reasons for nonapproval.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 1. Automobile Service Corporations. › Sec. 21.59.030. Qualifications for certificate of authority.

The director may not issue a certificate of authority to be or act as an automobile service corporation and shall revoke an existing certificate of authority unless the corporation
(1) if a newly formed corporation, possesses sufficient available working funds to pay all reasonably anticipated costs of acquisition of new business and operating expenses, other than losses, for a period of not less than six months following the date of issuance of the certificate of authority;
(2) posts with the director a bond in the amount of $50,000, issued by a corporate surety authorized under this title to act as surety and conditioned upon the organization's faithful fulfillment of its contracts; and
(3) fulfills all other applicable requirements of AS 21.59.010 - 21.59.090.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 1. Automobile Service Corporations. › Sec. 21.59.040. Certificate of authority.

(a) Application for a certificate of authority to transact business as an automobile service corporation shall be made to the director, on forms furnished by the director and requiring the information about the applicant, its directors, officers, and affairs as the director may reasonably require consistent with AS 21.59.010 - 21.59.090.
(b) The applicant shall file the following documents with the application:
(1) a copy of the applicant's articles of incorporation and all amendments, certified by the appropriate official of the state of incorporation;
(2) a copy of the applicant's bylaws, certified by its corporate secretary;
(3) a copy of each subscriber's contract proposed to be offered;
(4) either
(A) audited financial statements for the three fiscal years immediately preceding the application; or
(B) a financial statement of the applicant prepared by a certified public accountant and dated not more than 30 days before the filing of the application, showing the amount of working funds available to the applicant, a reconciliation of the net worth or capital account, the source and application of the funds, and any data pertinent to the financial statement;
(5) the bond required under AS 21.59.030(2) or 21.59.050(c); and
(6) a copy of any other relevant document reasonably requested by the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 1. Automobile Service Corporations. › Sec. 21.59.050. Reserves.

(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 not less than the amount necessary by reasonable estimate to pay all claims incurred under subscriber's contracts but currently unpaid, and including a reasonable additional amount to cover claims incurred but not reported to the corporation at the time of determination of the corporation's financial condition; and
(3) a reserve equal to 50 percent of all sums charged and received by the corporation during the calendar period covered by the financial statement, on account of indemnity benefits provided in subscriber's contracts for terms for which premium was last paid and unexpired at the date of the financial statement.
(b) The reserves required under (a) of this section constitute a liability of the corporation in a determination of its financial condition.
(c) Instead of the reserves required by (a) of this section and the bond required by AS 21.59.030(2), the automobile service corporation may file a bond in the amount of $250,000.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 1. Automobile Service Corporations. › Sec. 21.59.060. Records and accounts.

(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 accept an audited financial statement instead of the examination required under AS 21.06.120.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 1. Automobile Service Corporations. › Sec. 21.59.070. Other provisions applicable.

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 of the express provisions, and, for the purposes of the application, the corporations shall be considered to be stock insurers:
(1) AS 21.03;
(2) AS 21.06;
(3) AS 21.09.050;
(4) AS 21.09.100;
(5) AS 21.09.120 - 21.09.210;
(6) AS 21.09.245;
(7) AS 21.09.247;
(8) AS 21.12;
(9) AS 21.36;
(10) AS 21.69;
(11) AS 21.78;
(12) AS 21.97.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 1. Automobile Service Corporations. › Sec. 21.59.090. Definitions.

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 amount by or as to the subscribers;
(2) “automobile service corporation services” means any professional service, technical service, replacement of goods that the corporation may become obligated to provide upon a contingent event or a certain event that may occur at an uncertain time and for which a specified single or periodic prepayment is charged or collected, including (A) emergency road service; (B) reimbursement of legal fees for representation on traffic offenses; and (C) providing bail bonds for traffic offenses; an automobile service corporation may provide other services or benefits that do not fall within the definition of automobile service corporation services;
(3) “subscriber's contract” means the contract between the automobile service corporation and its subscriber under which all or a part of one or more services is to be rendered to or on behalf of the subscriber by an automobile service corporation or by a provider that has entered into a service agreement with the automobile service corporation.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 2. Motor Vehicle Service Contracts. › Sec. 21.59.110. Motor vehicle service contract.

(a) A provider may, for separate or additional consideration, enter into a motor vehicle service contract for a specific duration to
(1) maintain, service, or repair a motor vehicle for an operational or structural failure due to a defect in materials or workmanship or due to normal wear and tear;
(2) indemnify for repair, replacement, or maintenance for an operational or structural failure due to a defect in materials or workmanship or normal wear and tear, with or without additional provisions for incidental payment of indemnity for towing, rental, emergency road service, and road hazard protection;
(3) repair or replace tires or wheels on a motor vehicle damaged as a result of coming into contact with road hazards;
(4) remove dents, dings, or creases on a motor vehicle that can be repaired using the process of paintless dent removal without affecting the existing paint or finish and without replacing vehicle body panels or requiring sanding, bonding, or painting;
(5) repair chips or cracks in or replace motor vehicle windshields as a result of damage caused by road hazards; or
(6) replace a motor vehicle key or key fob if the key or key fob becomes inoperable or is lost or stolen.
(b) A motor vehicle service contract may not include coverage for the repair of damage to or replacement of the interior surfaces of a vehicle or for the repair or replacement of the exterior paint or finish of a vehicle.
(c) A motor vehicle service contract marketed, offered for sale, sold, issued, made, or administered in this state must be written, printed, or typed in clear, understandable language, in eight point or larger type, and must include the following:
(1) the name and address of the provider and an administrator if different from the provider, the service contract seller, and the service contract holder to the extent that the name of the service contract holder has been furnished by the service contract holder; names and addresses of the parties are not required to be preprinted on the motor vehicle service contract and may be added to the motor vehicle service contract at the time of sale;
(2) the provider fee and the terms of the motor vehicle service contract; the provider fee is not required to be preprinted on the service contract and may be negotiated at the time of sale;
(3) the applicable deductible amount, if any;
(4) a description of the materials and services to be provided and applicable limitations, exceptions, or exclusions, including whether the service contract provides for or excludes consequential damages or preexisting conditions;
(5) a description of the obligations and duties of the service contract holder;
(6) whether the use of nonoriginal manufacturer's parts is allowed;
(7) restrictions on the transferability of the service contract, if applicable; and
(8) the terms for return and cancellation of the service contract.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 2. Motor Vehicle Service Contracts. › Sec. 21.59.120. Exemptions.

(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, “motor vehicle maintenance agreement” means a contract of limited duration that provides only for regular maintenance to a motor vehicle;
(3) a motor vehicle service contract sold or offered for sale to a person other than a consumer;
(4) a subscriber's contract, as defined by AS 21.59.090, between an automobile service corporation holding a certificate of authority under AS 21.59 and its subscribers that provides for towing, rental car benefits, or emergency road service.
(b) A motor vehicle manufacturer's motor vehicle service contract that applies to the motor vehicle manufacturer's product is exempt from AS 21.59.120 - 21.59.160 and AS 21.59.180 - 21.59.200.
(c) A motor vehicle manufacturer is exempt from AS 21.59.180 and the license requirement in this title.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 2. Motor Vehicle Service Contracts. › Sec. 21.59.140. Provider license; notice to licensee.

(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 applicant's name, full address, telephone number, a designated compliance officer, the designation of a person in this state for service of process, and a list of all officers and directors of the applicant. Additionally, an applicant shall file a copy of its basic organizational documents, such as articles of incorporation, articles of organization, articles of association, or a partnership agreement. An applicant shall also provide information required by the director to demonstrate compliance with the requirements of AS 21.59.180. The applicant shall declare, subject to penalty of denial, nonrenewal, suspension, or revocation of a license issued by the director, that the statements made in or in connection with the application are true, correct, and complete to the best of the applicant's knowledge and belief. The director may not issue a license except in compliance with AS 21.59.110 - 21.59.290 and may not issue a license to a person, or to be exercised by a person, found by the director to be untrustworthy, incompetent, or financially irresponsible, or who has not established to the satisfaction of the director that the person is qualified under AS 21.59.110 - 21.59.290. If the director denies an application for a license, the applicant has the right to request a hearing under AS 21.06.170 - 21.06.240.
(b) If a change occurs in the information submitted to the director in an application, a provider shall update the information in the application by sending the changes to the director in writing within 30 days after the change.
(c) A licensee shall report to the director in writing any administrative action taken against the licensee by a governmental agency of another state or by a governmental agency of another jurisdiction within 30 days after the final disposition of the action. A licensee shall submit to the director the final order and other relevant legal documents in the action. A licensee shall report to the director any criminal prosecution of the licensee within 30 days after the date of filing of the criminal complaint, indictment, or citation in the prosecution. The licensee shall submit to the director a copy of the criminal complaint, calendaring order, and other relevant legal documents in the prosecution.
(d) In addition to any other penalty provided by law, a failure to notify the director as required by this section is cause for denial, nonrenewal, suspension, or revocation of a license.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 2. Motor Vehicle Service Contracts. › Sec. 21.59.150. Provider license renewal, expiration, reinstatement.

(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 established by regulation, and pays the renewal license fees set by the director. A licensee is responsible for knowing the date that a license will expire and for renewing a license on or before that date. The director shall notify the licensee of the impending expiration 30 days before the expiration date. The director may not renew a license except in compliance with AS 21.59.110 - 21.59.290 and may not renew the license of a person, or to be exercised by a person, found by the director to be untrustworthy, incompetent, or financially irresponsible, or who has not established to the satisfaction of the director that the person is qualified under AS 21.59.110 - 21.59.290.
(b) If a provider's license is not renewed on or before the expiration date set by the director, the license expires. A licensee may not act as or represent to be a provider during the time a license has expired. The director may reinstate an expired license if the person continues to qualify for the license and pays license renewal fees and a delayed renewal penalty. Reinstatement does not exempt a person from a penalty provided by law for transacting business while unlicensed. A license that has expired for two years or longer may not be renewed.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 2. Motor Vehicle Service Contracts. › Sec. 21.59.160. Administrator registration.

(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; and
(2) the names of the providers for whom the person acts as an administrator.
(b) A provider that is licensed under AS 21.59.110 - 21.59.290 may administer its own motor vehicle service contract program without registering separately as an administrator. However, if a provider administers another provider's motor vehicle service contract program, the provider shall register as an administrator under this section.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 2. Motor Vehicle Service Contracts. › Sec. 21.59.190. Records.

(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 and address have been furnished by the service contract holder;
(3) the locations where motor vehicle service contracts are marketed, sold, or offered for sale; and
(4) claim files describing claims related to the motor vehicle service contracts.
(b) The provider shall retain all records required by this section for at least five years after a motor vehicle service contract has expired.
(c) Records required to be maintained under this section may be maintained electronically.
(d) A provider shall reply in writing within 10 working days to a records inquiry of the director. The director may inspect or request summary or detailed copies of records for examination by the division. Accounting and financial records inspected or examined under this section are confidential when in the possession of the division, but may be used by the director in a proceeding against the licensee.
(e) A provider discontinuing business in this state shall maintain records as required by this section until the provider's obligations to all service contract holders in this state have been discharged.
2023 Alaska Statutes › Title 21. Insurance › Chapter 59. Motor Vehicle Service Corporations and Contracts › Article 2. Motor Vehicle Service Contracts. › Sec. 21.59.290. Definitions.

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) “motor vehicle manufacturer” means a person that
(A) manufactures or produces motor vehicles and sells motor vehicles under the person's own name or label;
(B) is a subsidiary of a person who manufactures or produces motor vehicles;
(C) is a corporation that owns 100 percent of the person that manufactures motor vehicles;
(D) sells motor vehicles under the trade name or label of a person that manufactures or produces motor vehicles;
(E) manufactures and sells motor vehicles under the trade name or label of another person that manufactures or produces motor vehicles; or
(F) under a written contract, licenses the use of its trade name or label to another person that manufactures motor vehicles and sells motor vehicles under the licensor's trade name or label;
(4) “nonoriginal manufacturer's parts” means replacement parts or “after market” parts not made for or by the original manufacturer of the motor vehicle;
(5) “provider” means a person that is contractually obligated to provide motor vehicle services to a service contract holder under the terms of a motor vehicle service contract;
(6) “provider fee” means the consideration paid for a motor vehicle service contract;
(7) “road hazard” means obstacles in the road, including potholes, rocks, wood debris, metal parts, glass, plastic, curbs, or composite scraps;
(8) “service contract holder” means a person who is the purchaser or holder of a motor vehicle service contract;
(9) “warranty” means a warranty made solely by the manufacturer, importer, or seller of a motor vehicle without consideration, that is not negotiated or separated from the sale of the motor vehicle and is incidental to the sale of the motor vehicle, and that guarantees indemnity for defective parts, mechanical or electrical breakdown, and labor or other remedial measures, such as repair or replacement of the motor vehicle or repetition of services.
2023 Alaska Statutes › Title 21. Insurance › Chapter 60. Property Insurance Contracts › Sec. 21.60.010. Over-insurance prohibited.

(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 of the insurance or the renewal of it.
(b) A person may not knowingly issue, place, procure, or accept an insurance contract that would result in over-insurance of the property or interest in the property proposed to be insured, except as provided in AS 21.60.020.
(c) Each violation of this section shall subject the violator to the penalties provided in AS 21.97.020.
(d) In this section the term “fair value” means the cost of replacement less depreciation that is properly applicable to the subject insured.
2023 Alaska Statutes › Title 21. Insurance › Chapter 60. Property Insurance Contracts › Sec. 21.60.020. Replacement insurance.

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 insured against, and without deduction of depreciation, subject to reasonable regulations that may be adopted by the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 61. Air Ambulance Membership Agreements › Sec. 21.61.100. Air ambulance membership agreement.

(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 may not include a provision that requires an air ambulance service provider to pay for or indemnify a person for services provided by a third party, including a third party that is another air ambulance service provider.
2023 Alaska Statutes › Title 21. Insurance › Chapter 61. Air Ambulance Membership Agreements › Sec. 21.61.105. Registration of air ambulance service providers.

(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 that the air ambulance service provider
(1) has been certified as meeting the minimum standards prescribed by the Department of Health under AS 18.08.082(a)(3); and
(2) has been in operation in the state for at least two years, or meets solvency requirements established by the director in regulation.
2023 Alaska Statutes › Title 21. Insurance › Chapter 61. Air Ambulance Membership Agreements › Sec. 21.61.106. Other provisions applicable.

(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 implications of the express provisions:
(1) AS 21.36;
(2) AS 21.42.
(b) When applying the provisions listed in (a) of this section, the director shall treat an air ambulance service provider as an insurer and an air ambulance membership agreement as an excepted benefits insurance policy under AS 21.54.160.
(c) Except as provided in this section, an air ambulance service provider or an air ambulance membership agreement that complies with this chapter is not otherwise subject to this title.
2023 Alaska Statutes › Title 21. Insurance › Chapter 61. Air Ambulance Membership Agreements › Sec. 21.61.110. Definitions.

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, wounded, or otherwise helpless;
(2) “air ambulance membership agreement” means an agreement in exchange for consideration, to pay for, indemnify, or provide an amount or benefit to a person for the cost of air ambulance services;
(3) “air ambulance service provider” means a person that owns or operates an air ambulance;
(4) “consideration” means a membership fee, receipt of insurance proceeds, performance of a service, waiver of a right, or anything of value.
2023 Alaska Statutes › Title 21. Insurance › Chapter 63. Surety Insurance Contracts › Sec. 21.63.010. Rights of surety insurer.

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 of the insurers as provided for in other provisions of this title.
2023 Alaska Statutes › Title 21. Insurance › Chapter 63. Surety Insurance Contracts › Sec. 21.63.020. May be sole surety on official bonds.

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 whenever the performance of an act, duty, or obligation, or the refraining from an act, is required or permitted to be guaranteed, the bond, undertaking, obligation, recognizance, or guaranty may be executed by a surety insurer qualified to act as surety or guarantor as authorized in this title. The execution by the insurer of the bond, undertaking, obligation, recognizance, or guaranty shall be in all respects a full and complete compliance with every requirement of the law, charter, ordinance, rule, or regulation that the bond, undertaking, obligation, recognizance, or guaranty shall be executed by one surety or by one or more sureties, or that the surety shall be a resident, or householder, or freeholder, or either or both, or possessed of any other qualifications; and all courts, judges, heads of departments, boards, bodies, municipalities, and public officers of every character shall accept and treat accordingly the bond, undertaking, obligation, recognizance, or guaranty when so executed by the insurer, as conforming to and fully and completely complying with every requirement of every law, charter, ordinance, rule, or regulation.
2023 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.
2023 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.
2023 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.
2023 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).
2023 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.
2023 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.
2023 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.
2023 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.]
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.