Fidelity National Financial has reached a settlement with the California Department of Insurance following the agency's investigation into captive reinsurance practices in the title insurance industry, the company said today. While admitting no wrongdoing, Fidelity agreed to refund approximately $7.7 million to those consumers whose California property were subject to a captive reinsurance arrangement and will also pay a penalty of $5.6 million. "We have worked closely with the California Department of Insurance to resolve this issue in an amicable manner," said Peter T. Sadowski, executive vice president and general counsel for Fidelity. "We are happy that this matter is now behind us and we remain committed to vigorous internal compliance policies. We will work informally with the department on issues of mutual interest to minimize the possibility of future misunderstandings regarding acceptable market conduct." The financial impact of the settlement has ...
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