The Indiana Department of Insurance coverage stated Wednesday that Nebraska-based First American Title Insurance Company should pay $3.7 million for overcharging Indiana consumers in between 2006 and 2008.
First American Title Insurance Company is a subsidiary of Santa Ana, California-based First American Financial Corp.
The Indiana Department of Insurance stated Wednesday that it had initially advised First American to compensate customers $3.1 million, plus an extra $38,142 for underpaying its Indiana taxes on the premiums it charged consumers in between 2006 and 2008.
The title insurance provider requested for an evaluation of the department’s order. A high court concurred with the initial order and made First American pay the Indiana Department of Insurance coverage $3.7 million– a sum that consists of interest on the overcharges.
American is to pay the Indiana Department of Insurance, which will then provide refunds to impacted consumers.
American did not instantly react to a demand looking for remark on Wednesday early morning.
The Indiana Department of Insurance stated it did not yet understand the number of consumers impacted. It likewise stated the First American deserves to appeal the choice.
First American Title Insurance Company facilitates and streamlines real estate transactions by providing comprehensive title insurance protection and professional settlement services.
First American Title helps homebuyers and sellers, real estate agents and brokers, mortgage lenders, commercial property professionals, homebuilders and developers, title agencies and legal professionals close transactions. Find out more about our products and services, and how First American can help you streamline your transaction and protect your investment.