New Mexico title insurance companies allegedly gave money to a nonprofit foundation co-founded by the state's Superintendent of Insurance in an attempt to persuade him to set high title insurance rates, according to a lawsuit filed last week. The class-action suit, filed in the First Judicial District Court in Santa Fe, N.M., alleges that various title companies operating in the state contributed nearly $48,000 to Con Alma, a nonprofit associated with Superintendent of Insurance Eric Serna, in 2003 and 2004. The New Mexico Public Regulation Commission's Insurance Division sets uniform title insurance rates for all companies after holding a hearing each year. Serna denies the implication that the contributions led to favorable treatment. "The implications they are trying to make don't pas...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.