3 AAC 27.380. Preliminary commitment

(a) If, at the time a preliminary commitment is issued, the liability or amount of coverage for a preliminary commitment is unknown, the issuing title insurance company or title insurance limited producer shall indicate that fact by the words "Not Disclosed" or "Not Known."

(b) The premium listed on the preliminary commitment must be stated as not less than the minimum charge indicated in the insurer's schedule of rates that is filed with the director under AS 21.66.370 , followed by the words "Minimum Charge."

(c) A preliminary commitment for title insurance must include the following explanatory statements. "This commitment is tentative until we are advised of the final amount of insurance or the proposed insured. In the event of a cancellation, our fee is the minimum charge shown above."

History: Eff. 4/15/2000, Register 154

Authority: AS 21.06.090

AS 21.66.370

AS 21.66.390

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.