The Connecticut Insurance Department has fined a Nebraska title insurer for violating various state laws, including failing to charge rates it filed with the state.
Chicago Title Insurance Co. must pay a $62,000 fine, funds that will be deposited into the general fund, Insurance Commissioner Thomas Sullivan said.
Sullivan said an examination by state regulators found that Chicago Title violated to various state laws including failure to maintain a proper complaint log, failure to provide sufficient document for regulatory review, instances where the company provided inducement to obtain title insurance business, and instances of failing to charge the rate filed with the department.
Earlier this year, Sullivan fined California-based National Fidelity Title Insurance Co., $61,000 for similar violations.
“The title insurance industry is now on notice that the Connecticut Insurance Department is watching them and will use every tool at its disposal to ensure that they comply with Connecticut law,” Sullivan said in a statement.
