As part of a settlement with the New York Attorney General'sOffice two major title insurance companies have applied for andreceived approval to reduce their rates by 15 percent, and fourother title insurers have followed suit, officials said.
The New York State Insurance Department said the six firms,which Insurance Superintendent Howard Mills approved reductionsfor, cumulatively have 93 percent of the state's market share.
"New Yorkers have been paying too much for title insurance fortoo long because internal industry practices, rather than marketforces, were driving the product's price," Mr. Mills said in astatement.
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