Together these two insurers provide close to 56 percent of the title insurance in New York. Needless to say this reduction of premiums will affect millions of people in New York.
The two companies were accused of “schemes where real estate developers would receive free or discounted title insurance in other states in exchange for giving their New York business to the companies. Homeowners and small businesses did not have access to the discounts, and ended up paying for the insurers’ subsidies, Mr. Spitzer’s office said. The investigation also found that the insurance companies paid illegal referral fees to their customers’ representatives who did not perform any substantial services.”
Spitzer continues his assault on the insurance industry seemingly catching every culprit red handed.
» Another Title Insurer Faces Congressional Investigation from TheInsurancePolicy
I wrote in an earlier post about the New York Attorney General Elliot Spitzer coming to an agreement with two large title insurance companies. Now another title insurance company LandAmerica Financial Grooup is facing an investigation by the Hous... [Read More]
Tracked on: June 5, 2006 10:51 AM | Permalink to Trackback