Insurance Practices Lawsuit
AIG pays nine states $12.5 million settlement related to producer compensation and insurance placement.
Commonwealth Land Title Insurance Co.A certified class action lawsuit has been filed alleging the insurance underwriter violated state consumer protection laws by only allowing Pennsylvania homeowners discounts eligible to them under Pennsylvania's guidelines for reissue rates on title policies. The lawsuit claims Commonwealth Land Title Insurance disregarded another state requirement that would have given an additional discount under state stipulations regarding refinance rates on title policies.
A refinance rate discount is a “rate to be charged to a purchaser of title insurance where the policy is purchased in connection with a refinance or substitution loan within three years from the date of closing of the same property.” A reissue rate is a “rate to be charged for title insurance where the policy is purchased in connection with the real property that has been previously insured within ten years from the date the insured's transaction closes.” The lawsuit claims Commonwealth policyholders were entitled to both reductions, but received only one.
The class action claims Commonwealth failed to give the full Refinance Rate discount or Reissue Rate discount to which members were entitled and charged premium rates in excess of the Refinance Rate discount or Reissue Rate discount rates, resulting in financial harm.
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