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January 18, 2008
LandAmerica agrees to $3.5 million settlement
LandAmerica companies have agreed to pay $3.5 million in penalties and refunds to consumers.
The Department of Insurance reached the agreement with 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.
LandAmerica companies also agreed to halt 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, Poizner said.
Posted by S. Germain at January 18, 2008 08:38 AM