INSURANCE COMMISSIONER JOHN GARAMENDI ANNOUNCES MAJOR SETTLEMENT AGREEMENTS WITH TITLE INSURERS—MORE THAN $37 MILLION TO BE PAID FOR ILLEGAL KICKBACK

INSURANCE COMMISSIONER JOHN GARAMENDI ANNOUNCES MAJOR SETTLEMENT AGREEMENTS WITH TITLE INSURERS—MORE THAN $37 MILLION TO BE PAID FOR ILLEGAL KICKBACK SCHEMES
LOS ANGELES – Insurance Commissioner John Garamendi announced today that the California Department of Insurance (CDI) has reached agreement with nine major title companies who will pay $37.8 million in refunds and penalties for alleged illegal rebating. The companies were accused of paying $25.4 million in illegal kickbacks to various lenders, builders and realtors in exchange for the referral of title insurance business.