Stewart Title settles captive reinsurance claims for $1 million

Stewart Title Guaranty Co. has agreed to pay California regulators $1 million to settle allegations that it paid illegal kickbacks to builders, lenders and title agents in exchange for title insurance business.

In its complaint against Stewart Title, the California Department of Insurance had sought $41.6 million in fines and penalties for allegedly paying out $500,000 in illegal rebates to affiliated businesses as part of a captive reinsurance scheme that generated 3,908 title insurance policies.

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