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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.27. Title Insurance. |
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Article 3.27.1. Title Insurance. |
Section 3.27.380. Preliminary commitment.
Latest version.
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(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."
Authorities
21.06.090;21.66.370;21.66.390