Title Underwriters Fined $240K+; Incorrect Rates Used When Issuing Title Insurance To Homeowners

The Missouri Department of Insurance, Financial Institutions & Professional Regulation recently announced:

• The department announced [Jan. 3] that it is ordering two title insurance companies to pay over $240,000 in fines and to fix current title agency rating procedures. Market conduct examinations completed by the department indicate Land Title Insurance Company of St. Louis and First American Title Insurance Company, of California, allowed independent title agencies writing title insurance on their behalf to use incorrect risk rates or risk rates not filed with the department. Risk rates are used in calculating the premium a consumer will pay for the cost of title insurance.

For more, see Two title insurance companies ordered to pay over $240,000 in penalties (Action comes as new title insurance laws become effective).

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