Industry News

Oxley probes alleged threats against Colorado official

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The head of the House Financial Services Committee is investigating alleged threats from title insurer LandAmerica against a Colorado insurance official who is conducting a probe against the company, Inman News has learned. House Financial Services Committee Chairman Michael G. Oxley, R-Ohio, and Ranking Member Barney Frank, D-Mass., today released a letter sent to LandAmerica Financial Group "in response to testimony and evidence ... that raised questions of indirect threats to limit Commissioner (Erin) Toll's testimony and her involvement in a proposed State title insurance settlement," senator's office said. Erin Toll, Colorado's deputy insurance commissioner, in February 2005 investigated nine Colorado title insurers for alleged kickback schemes said to result in overcharges to consumers. The probe sparked dozens of investigations nationwide, in Florida, Washington, Hawaii, California, Oklahoma, Minnesota, Washington and other states. Toll testified before the U.S. House...