Industry News

Nevada title insurer must ‘cease and desist’ in California

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Stateline, Nev.-based TSI Title & Escrow was hit with a cease and desist order in California Wednesday accusing it of conducting more than $860,000 in business without licensing for that state. The title company agreed to provide in excess of $860,000 in coverage on properties in El Dorado and Placer Counties, collecting over $35,000 in premiums, while transacting business in California without a license, the California Department of Insurance said in a statement Wednesday. Officials at TSI Title could not be immediately reached for comment. An investigation between June 30, 2003, and Nov. 23, 2005, by CDI found that TSI Title & Escrow repeatedly violated California's insurance code by operating as an underwritten title company without holding a license from the California Insurance Commissioner, the California Department of Insurance said. "My Department will not tolerate the unauthorized and unlicensed transaction of title insurance business in this state," said Ca...