Closing Protection Letter

Department of Commerce, Community, and Economic Development DIVISION OF INSURANCE Anchorage Office 550 West Seventh Avenue, Suite 1560 Anchorage, Alaska 99501-3567 Main: 907.269.7900 Fax: 907.269.7910 BULLETIN B 24-05 TO: ALL TITLE INSURERS AND TITLE INSURANCE LIMITED PRODUCERS AUTHORIZED TO TRANSACT TITLE INSURANCE IN THE STATE OF ALASKA AND OTHER INTERESED PARTIES RE: CLOSING PROTECTION LETTER The Division of Insurance (Division) has received inquiries from the Title Insurance industry seeking clarification on the filing requirement of a Closing Protection Letter (CPL) in the business of title insurance, as defined in Alaska Statute §§ 21.66.480(2)(A) & (B). Pursuant to Alaska Statute §§ 21.66.450(a) & (b), the Division now requires a CPL to be filed as closing protection to an insured if the title insurer issues a commitment or title insurance policy. Rates and forms are required to be filed with the Division’s Property and Casualty section. A title insurer is permitted to charge a fee for this coverage, but that fee must be approved by the Division. Filing of CPLs is effective April 12, 2024. Any new title insurance policy which includes a CPL issued after June 1, 2024, must comply with this bulletin. It is the responsibility of the title insurer to notify their agents of the subject matter of this bulletin and ensure compliance therewith. Dated April 12, 2024. Lori Wing-Heier Director of Insurance