Sec. 21.66.480. Definitions.
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) “business of title insurance” is (A) the making or […]
Sec. 21.66.360. Purpose of title insurance rate regulation.
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 other matters within the scope of this chapter. Nothing in this chapter […]
Sec. 21.66.370. Rate filing.
(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 filing under this section must contain the effective dates […]
Sec. 21.66.380. Justification for rates.
(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 company making the filing; (2) its […]
Sec. 21.66.390. Making of rates.
(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 stability of rate structures; (2) the necessity of assuring the […]
Sec. 21.66.400. Disapproval of filings.
(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 what respects the director finds the filing fails […]
Sec. 21.66.410. Rate administration.
(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 title insurance companies. (b) Regulations may be adopted by […]
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 […]
Sec. 21.66.420. False or misleading information.
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.
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.