LandAmerica has entered into a settlement with the Nevada Department of Insurance (DOI) concerning captive reinsurance arrangements involving LandAmerica title insurers.
The Nevada Department of Insurance contended these arrangements violated various provisions of the Nevada Insurance Code. While LandAmerica believes these arrangements complied with federal guidelines and state insurance laws, the company agreed to settle the matter for pragmatic reasons.
Under the terms of the settlement, LandAmerica has agreed to make payments to Nevada consumers who had transactions in which title insurance policies were issued by Commonwealth® Land Title Insurance Company, Lawyers Title Insurance Corporation®, or Transnation® Title Insurance Company and for which policies were subject to a captive reinsurance arrangement.
Borrowers in refinance transactions will receive payments in the amount of the shared reinsurance premium. Purchasers of new homes will receive payments in the amount of the shared reinsurance premium. Buyers and sellers of existing homes will receive payments in the amount of the allocated portion of the shared reinsurance premium based upon the amount of premium paid by the buyer or seller, if any.
Nevada Settlement Payments
Click the following links for answers to questions regarding payments for LandAmerica's Nevada captive reinsurance settlement:
If you are eligible for a payment from our Nevada captive reinsurance settlement, click the following image to file a claim.
For further details on captive reinsurance, please visit our Frequently Asked Questions page. For more assistance, please email us or call 1-866-526-3264.