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- Alaska Statutes.
- Title 21. Insurance
- Chapter 66. Title Insurance Companies
- Section 220. Net Retained Liability.
previous: Section 210
. Joint Plant Companies.
next: Section 230
. Power to Reinsure.
AS 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.
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