New York title insurers are being investigated in connectionwith alleged market conduct improprieties, a New York InsuranceDepartment official confirmed today.

|

"We are investigating along with the attorney general's officethe market conduct practices of certain title insurers that operatein the state," said department spokesman Mike Barry. He would notelaborate.

|

New York is the latest state to examine title insurers'activities. They have been probed in Colorado, California andWashington, and have paid more than $50 million to settleallegations that they have paid disguised kickbacks to mortgagebrokers, developers and other sources to have business steeredtheir way.

|

A spokesperson for the Washington Insurance Department, SandiPeck, said that agency's investigation is still underway and "I'mexpecting it will be wrapping up this spring."

|

Earlier this week, California Insurance Commissioner JohnGaramendi reached a $4.5 million settlement with one major titleinsurer holding company in the state, bringing the totalsettlements the department has reached with title insurers to $37million

|

In the latest agreement the LandAmerica Financial Corp. agreedto stop captive reinsurance business arrangements and to cooperatewith the CDI in improving consumer awareness of title insurancerates.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • 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.
NOT FOR REPRINT

© 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.