Industry News

Congress probes title insurance industry

Colorado Insurance Commission, NAR officials to testify

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A U.S. House Financial Services subcommittee is holding a hearing Wednesday on competition, pricing and recent probes of illegal activity in the title insurance marketplace, the committee said Monday. Thomas M. Stevens, president of the National Association of Realtors, will testify before the Subcommittee on Housing and Community Opportunity, chaired by Rep. Robert W. Ney, D-Ohio, along with Erin Toll, Colorado's deputy insurance commissioner, who helped uncover a national title insurance scandal last year when she investigated title insurance in Colorado. The title insurance industry came under an intense spotlight after Toll's February 2005 investigation of nine Colorado title insurers for alleged kickback schemes. The probe sparked dozens of investigations nationwide, in Florida, Washington, Hawaii, California, Oklahoma, Minnesota, Washington and other states. In March, New York's attorney general and insurance department revealed that they were investigating national t...