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- Alaska Statutes.
- Title 21. Insurance
- Chapter 66. Title Insurance Companies
- Section 110. Annual Tax On Title Insurance Premiums.
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. Issuance of Certificate of Authority By Director. [Repealed, Sec. 223 Ch 67 SLA 1992].
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. Examination By Director.
AS 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 21.89.070
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.
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