Radian to Appeal California Order Against Radian Lien Protection
June 21, 2002
PHILADELPHIA, /PRNewswire-FirstCall/ -- Radian Guaranty Inc plans to appeal an order from the California Department of Insurance (CDI) requiring that it discontinue the sale of Radian Lien Protection, the company's alternative to title insurance.
The CDI order states that Radian Lien Protection is title insurance, which Radian is not authorized to transact in California.
"We respectfully disagree with the California Department's assessment and are requesting a hearing to appeal this order," stated Roy J. Kasmar, Radian's president and chief operating officer. "We look forward to the opportunity to demonstrate once and for all that Radian Lien Protection is not title insurance, but rather a mortgage insurance policy, substantially identical to those that Radian and its competitors have been issuing for almost two decades. We expect that this hearing will vindicate our product and allow it to achieve the marketplace acceptance it deserves."
Source: Radian Guaranty Inc.