Industry News

LandAmerica to pay more than $3.5 million in Nevada probe

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LandAmerica Financial Group today said it will refund some $3 million to consumers and pay a $560,280 fine as part of an agreement with the Nevada Division of Insurance to resolve the division's concerns about captive reinsurance practices. The agreement includes some $3 million in refunds to Nevada home buyers, according to spokeswoman Lloyd Osgood, and the creation of a program in concert with the state to educate consumers about title insurance. The company said this settlement is included within the reserves it established in June 2005 to cover "anticipated exposure to regulatory matters." Title insurance took the spotlight when 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 t...