Two title insurance companies have agreed to pay $4 million in penalties and reduce rates they charge customers to end a New York probe of their alleged illicit business practices, officials said today.
The settlement will mean a 15 percent reduction in premiums for insureds, the New York Attorney General's office announced.
Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills said the agreement involved Fidelity National Title Group Inc. and First American Title Insurance Company, and the companies will seek rate reductions of 15 percent for all properties with up to $1 million in liability levels. In exchange, New York will end its investigation of kickbacks and bid-rigging the two companies were accused of.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
