Agency that overcharged customers ordered to repay $42,000

After an audit revealed the insurance agency was overcharging customers, the state Department of Insurance stepped in.

Insurance News

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The Indiana Department of Insurance had ordered American Homeland Title Agency Inc. to repay more than $42,000 to customers after an audit of the company revealed it was systematically overcharging policyholders.

According to the Department of Insurance, the Cincinnati-based agency was overcharging clients between $75 and $625 in 139 cases out of the 166 investigated. The overcharges were being tacked onto customer premiums, government fees and “failing to collect title insurance enforcement fund (TIEFF) fees.”

American Homeland has been ordered to “provide a letter to affected consumers with a reimbursement check for the amount they were overcharged,” totaling $42,202.

The agency was also ordered to pay an administrative penalty of $70,082 for their actions, which included failing to report 250 transactions to RREAL In, an Indiana Department of Insurance-created database that was established in 2010 to help combat fraud.

Co-owners John Yonas and Martin Rink have also had their licenses revoked, in addition to the license of American Homeland Title Agency.

“The Indiana Department of Insurance continues to be diligent in pursuing title agencies that try to take advantage of Hoosier consumers by breaking the law,” said Indiana Insurance Commissioner Stephen W. Robertson. “If our audit reveals violations of insurance law, those responsible will be penalized for their actions, including fines and revocation of their licenses.”

Rogue title agencies, which provide a form of insurance required as part of a mortgage, have been troubling Indiana regulators for some time. In January, two out-of-state title agencies were ordered to pay more than $55,000 in refunds and fines for similar overcharges.

National Title Solutions was ordered to refund customers $3,839.00 and Prominent Title Agency was on the hook for $30,281.00. The two firms were fined administrative penalties of $7,614.00 and $15,000.00, respectively.
 

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