Nevada title insurer must 'cease and desist' in California
|March 24, 2006|
Co. allegedly conducted more than $860,000 business without license
Stateline, Nev.-based TSI Title & Escrow was hit with a cease and desist order in California Wednesday accusing it of conducting more than $860,000 in business without licensing for that state.
The title company agreed to provide in excess of $860,000 in coverage on properties in El Dorado and Placer Counties, collecting over $35,000 in premiums, while transacting business in California without a license, the California Department of Insurance said in a statement Wednesday.
Officials at TSI Title could not be immediately reached for comment.
An investigation between June 30, 2003, and Nov. 23, 2005, by CDI found that TSI Title & Escrow repeatedly violated California's insurance code by operating as an underwritten title company without holding a license from the California Insurance Commissioner, the California Department of Insurance said.
"My Department will not tolerate the unauthorized and unlicensed transaction of title insurance business in this state," said California's Insurance Commissioner, John Garamendi, in a statement.
"I will continue to vigorously pursue any company that attempts to operate without a license --including those companies that operate across state lines -- in order to protect our consumers," Garamendi said.
The order also names United General Title Insurance Co. (doing business as United Independent Title Insurance Co.), William E. Moulton, Rita McEwing, RR Title & Typing Service, and Ron Reis for aiding and abetting TSI Title & Escrow, the insurance department said.
The transactions totaled $861,851 in unauthorized title insurance coverage on properties located in the counties of El Dorado and Placer, and the company collected premiums totaling $35,525, the department said.
The investigation revealed that TSI Title & Escrow Inc., William E. Moulton, Rita McEwing, RR Title & Typing Service, and Ron Reis prepared more than 119 title reports on behalf of United General Title, which in turn issued the title insurance policies, Garamendi's office said.
Copyright 2006 Innam News