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- Alaska Statutes.
- Title 21. Insurance
- Chapter 66. Title Insurance Companies
- Section 10. Paid in Capital and Reserves.
previous: Chapter 66
. Title Insurance Companies
next: Section 20
. Deposits in Guaranty Fund.
AS 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.
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