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Rating and Underwriting

San Jose, CA: (Jan-16-08) The Department of Insurance and Insurance Commissioner Steve Poizner brought lawsuits against several LandAmerica companies, alleging unfair practices in rating and underwriting, including failure to follow their own rates, resulting in premium overcharges for many consumers purchasing residential title insurance policies. The companies mentioned in the suit included Commonwealth Land Title Insurance Co., Lawyers Title Insurance Corp., and Transnation Title Insurance Co., principal title underwriters of parent company LandAmerica Financial Corp. Group Inc.

The defendants were accused of failing to comply with rates set by the companies, incorrectly rating policies, and failing to apply applicable discounts. As part of a settlement reached, the companies agreed to pay $3.5 million in penalties and refunds to consumers. Under the $3.5 million deal, the companies agreed to pay $1.5 million is a monetary penalty. LandAmerica will also issue refunds to overcharged consumers who purchased a residential loan title loan policy issued by the LandAmerica title companies for up to $2 million total. [SAN JOSE BUSINESS JOURNALS: INSURANCE PRACTICES]

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Published on Jan-19-08


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