The “Annual Report of the Commissioner of Insurance to The Colorado General Assembly on Title Insurance” fails to make needed consumer protection recommendations

 

Since January 1, 2009 and pursuant to C.R.S. §10-3-207(1)(f)(IV), the various Commissioners of Insurance have failed to make any legislative consumer protection recommendations to the Colorado General Assembly, in spite of the following reported title company defalcations and cyber -thefts that have cost consumers millions in losses that were never mentioned in these Annual Reports.

2017 Annual DOI Title Insurance Report

2016 – Williams Title & Foresight Title – Owners embezzles $600,000
2014 – American Title Services – Owner embezzles $4,700,000
2011 – Premier Title – Owner embezzles $600,000
2011 – Quantum Title – Owner embezzles $3,000,000
2010 – Classic Title Agency – Cyber theft $900,000

It’s is interesting to note, that in each of the Annual Reports since 2009 including the one the 2017 report issued in January 2018, the Division of Insurance makes the following statement in their opening letter to the legislative committee members stating, “Our mission is consumer protection and we appreciate the opportunity to report the activities of our title insurance regulatory team, and how we respond to consumers’ needs.”
It appears the Division of Insurance does not understand what it takes to protect consumers. Also, how can the Colorado General Assembly, unless properly informed, take the necessary legislative action to correct any problems in how the business of title insurance is regulated, for the benefit and protection of consumers?