(INDIANAPOLIS) – The Indiana Department of Insurance market conduct examination of First American Title Insurance Company resulted in findings that some Indiana consumers were being overcharged for their title insurance from 2006-2008. First American is based in Nebraska and is licensed to sell title insurance in Indiana.
As a result of these findings, Indiana Department of Insurance Commissioner Stephen W. Robertson ordered First American to reimburse consumers $3,126,103 plus an additional $38,142 for violating Indiana’s Gross Premium Tax Statute by underpaying taxes on the premium charged to consumers from 2006-2008. First American also has been ordered to implement corrective measures.
First American filed a Petition for Judicial Review asking the trial court to review Commissioner Robertson’s order. After a hearing, the trial court agreed with Commissioner Robertson that First American overcharged consumers and underpaid premium taxes. First American has been ordered to pay the Department $3,657,797.45, which includes interest on the overcharges, and the Department will then issue refunds to consumers affected.
“The Indiana Department of Insurance continues to be diligent in pursuing insurance companies that try to take advantage of Hoosier consumers by breaking the law,” said Commissioner Robertson.
About Indiana Department of Insurance
The Indiana Department of Insurance protects Indiana’s insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The department monitors insurance companies and agents for compliance with state laws to protect consumers and to offer them the best array of insurance products available. The department also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work.