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- Alaska Statutes.
- Title 21. Insurance
- Chapter 66. Title Insurance Companies
- Section 280. Title Insurance Limited Producers, Books, and Records.
previous: Section 270
. Title Insurance Limited Producers to Be Licensed.
next: Section 290
. Title Insurance Limited Producer Replies to Director Inquiries.
AS 21.66.280. Title Insurance Limited Producers, Books, and Records.
- (a) In addition to any other requirement of this title, a title insurance limited producer licensee shall maintain books
of accounts and records and vouchers pertaining to the business of title insurance in a manner that the director, or an
authorized representative, may readily ascertain whether the licensee has complied with the provisions of this chapter.
- (b) A title insurance limited producer licensee may engage in the business of handling escrows, settlements, and closings
in connection with the business of title insurance; however,
- (1) the licensee shall maintain a separate record of all receipts and disbursements of escrow funds and may not commingle
the funds with personal funds or with funds held by the licensee in any other capacity;
- (2) the licensee shall comply with the standards of solvency that the director requires; and
- (3) the licensee shall submit financial statements that the director requires.
- (c) In addition to any other penalty provided by law, if the director determines that a title insurance limited producer
licensee has failed to comply with a provision of this section, the director may, after a hearing, revoke the limited
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