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CA Department of Insurance

Investigation reveals alleged unlawful title insurance transactions by corporation headquartered in Southern California

News: 2013 Press Release

For Release: May 8, 2013
Media Calls Only: 916-492-3566
Investigation reveals alleged unlawful title insurance transactions by corporation headquartered in Southern California
Leads to $65,000 settlement with unlicensed corporation

SACRAMENTO - Insurance Commissioner Dave Jones announced today that the California Department of Insurance reached a settlement agreement with Timios, Inc., a Delaware corporation allegedly doing title and escrow business in California without a license.

Under the enforcement action agreement, Timios, Inc. agreed to pay a $65,000 penalty and another $20,000 to reimburse the department for its investigative and legal costs, and stop the illegal activities.

"Licensing requirements for companies and agents are designed to protect consumers," said Insurance Commissioner Dave Jones. "Timios was conducting title business in California without a license, which disregards the regulatory process and disrupts the competitive market."

In 2010 and 2011, the company allegedly solicited and received title and escrow orders from national lenders and performed escrow services while not licensed to do so in California. Timios, Inc. is headquartered in Westlake Village California.

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Media Note: The Department of Insurance was made aware of the allegations through a complaint received via Consumer Services. Links to enforcement action documents:

Stipulation and Waiver
Order to Show Cause 

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The California Department of Insurance, established in 1868, is the largest consumer protection agency in California, regulating the $123 billion insurance marketplace. In 2013 the California Department of Insurance received more than 170,000 calls from consumers and helped recover over $63 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.

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