00 SENATE BILL NO. 231                                                                                                     
01 "An Act relating to title insurance; and providing for an effective date."                                              
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1.  AS 21.66.190 is amended by adding a new subsection to read:                                            
04  (c)  Except for an administrative fee not to exceed $75, for a period of 15 years                                     
05 after the date a policy of residential title insurance is issued, a title insurance company                             
06 may not charge an additional amount to add a person as an insured to that residential                                   
07 title insurance policy.                                                                                                 
08    * Sec. 2.  AS 21.66.370(f) is amended to read:                                                                       
09  (f)  A title insurance company or title insurance limited producer may not                                            
10 charge an amount [A RATE] for a policy or contract of title insurance that exceeds                                  
11 [EXCEPT IN ACCORDANCE WITH] filings or rates that are in effect for the title                                           
12 insurance company as provided in this chapter.  This section may not be construed                                      
13 as prohibiting a title insurance company or title insurance limited producer from                                       
14 charging an amount that is less than the filings or rates that are in effect as                                         
01 provided in this chapter.                                                                                              
02    * Sec. 3.  AS 21.66.380(a) is amended to read:                                                                       
03  (a)  A rate filing shall be accompanied by a statement of the title insurance                                         
04 company making the filing, setting out the basis on which the rate was determined,                                     
05 and setting out the actual amounts charged for policies and contracts of title                                          
06 insurance of the same classification during the previous 12 months [WITH THE                                           
07 RATES COMPUTED].  A filing of rates may be justified by                                                                 
08   (1)  the experience or judgment of the title insurance company making                                                
09 the filing;                                                                                                             
10   (2)  its interpretation of any statistical data relied upon;                                                         
11   (3)  the experience of other title insurance companies making the filings;                                           
12 or                                                                                                                      
13   (4)  any other factors that the title insurance company considers                                                    
14 relevant.                                                                                                               
15    * Sec. 4.  AS 21.66.410(a) is amended to read:                                                                       
16  (a)  The director may prescribe by regulation                                                                         
17   (1)  guidelines reasonably adaptable to each of the rating systems on file                                           
18 with the director;                                                                                                      
19   (2)  a uniform classification of accounts to be observed;                                                            
20   (3)  statistics to be reported; reported statistics must include the                                                
21 actual amounts charged for policies and contracts of title insurance during the                                         
22 reporting period; and                                                                                                  
23   (4)  uniform forms for reporting this data by all title insurance                                                    
24 companies.                                                                                                              
25    * Sec. 5.  AS 21.66.480(4) is amended to read:                                                                       
26   (4)  "rate" means a maximum charge for title insurance risk,                                                       
27 abstracting, searching, examination or determination of insurability, and every other                                   
28 activity, exclusive of escrow, settlement, or closing charges, whether denominated                                      
29 premium or otherwise, made by a title insurance company or an agent of a title                                          
30 insurance company to an insured or to an applicant for insurance, for a policy or                                       
31 contract of title insurance; however, "rate" does not include charges paid to and                                       
01 retained by an attorney at law, abstractor, surveyor, tax service, or any other person                                  
02 acting in a capacity other than as a title insurance limited producer and on behalf of                                  
03 a client other than a title insurance company, or charges made for special services,                                    
04 even though performed in connection with a title insurance policy or contract;                                          
05    * Sec. 6.  AS 21.66.360, 21.66.390(a), and 21.66.410(c) are repealed.                                                
06    * Sec. 7.  This Act applies to a policy of title insurance issued or renewed on or after the                         
07 effective date of this Act.                                                                                             
08    * Sec. 8.  This Act takes effect July 1, 1996.