Title insurance companies to pay $ 37.8 million to settle claims Kickback California
In one case, in conjunction with thousands of California homebuyers, three titles insurance companies agreed Wednesday to pay $ 37.8 million in reimbursements and penalties to settle accusations of bribes, say officials State, continued until the price of title insurance.
The Insurance Commissioner John Garamendi of California, at the announcement of the liquidation, said the three companies has developed a system of road “bribes illegal to banks, homebuilders and real estate businesses, return, for references.
The colony is the biggest component to date of an investigation launched by Garamendi last fall. But the commissioner said his office is still considering whether the industry is anticompetitive, it should step in and around rate cuts.
Similar were made by insurance regulatory authorities in other countries.
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