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CARSON CITY, NV -- LandAmerica Financial Group Inc., Richmond, Va., has entered into a settlement agreement with the Nevada Division of Insurance over captive reinsurance arrangements.
LandAmerica has agreed to a settlement of approximately $3 million, the majority of which will be refunded to Nevada's consumers who were affected. In addition, the company will pay $560,280 in administrative fines and $239,720 toward a consumer education program concerning title insurance.
DOI said the consumer education program was one of the major points to the settlement agreement.
"The development of an educational program to help consumers understand title insurance is long overdue," said Alice A. Molasky-Arman, Nevada's insurance commissioner. "The settlement agreement is a step in the right direction."
LandAmerica neither admitted nor denied the allegations in the order.
"We appreciate the willingness of the Nevada DOI to work with us to resolve this matter ...