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.
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