The House Financial Services Committee is pursuing allegations that the LandAmerica Financial Group might have used "indirect threats or pressure" to influence settlement negotiations with Colorado insurance regulators.At an April 28 hearing, Colorado Deputy Insurance Commissioner Erin Toll testified about her investigations into illegal captive title reinsurance arrangements and alleged that LandAmerica tried to discredit her efforts to negotiate a settlement. "I felt very nervous and threatened by that," she told the committee. The Richmond, Va.-based title insurer has denied the allegations. Committee Chairman Michael Oxley, R-Ohio, and Rep. Barney Frank, D-Mass., notified LandAmerica in a May 24 letter that they are looking into the allegations. The congressmen also made a formal request for LandAmerica to provide the committee with any company documents or records relating to Commissioner Toll. "We respectfully disagree with the characterization and substance of the assertions made recently by Ms. Toll," company spokeswoman Lloyd Osgood said. "LandAmerica has been and is committed to cooperating with all state regulators, and we are working to achieve a resolution with the Colorado Department of Insurance and will willingly cooperate with the House Financial Services Committee."

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry