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 […]
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 […]
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 […]
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 […]
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 […]
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 […]