Indiana Department of Insurance Commissioner Orders First American Title Insurance Company to Reimburse Hoosier Consumers Over Three Million Dollars
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.
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