Industry News

Title company slapped with $1 million fine

Investors Title Co. agrees to end rebating activities

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Investors Title Co. has agreed to end what the California Department of Insurance called illegal rebating activities and pay a $1 million fine, the department announced today. The settlement follows a California Department of Insurance investigation into accusations that the company was steering title business by using illegal rebate activities. The investigation, based on employee interviews and an examination of the company's books and records, found that Investors Title Co. had used illegal rebate activities which included fabricating fraudulent receipts totaling over $108,000, according to a statement from the Insurance Commissioner's office. The company also paid more than $145,000 for printing, postage, promotional materials, and other business support services for the benefit of Realtors, builders and lenders, totaling more than $253,000 in illegal distributions, the Insurance Department said.  "Illegal rebates add unwarranted costs to title business operations and arti...