Anybody care to take a guess as to the name of the Chief of Staff to the Governor, (past or present) that owns a title insurance company? Anybody?
Title Insurance Lawsuit Names New Mexico Insurance Superintendent:
New Mexico's suspended Insurance Superintendent Eric Serna, under investigation over a bank contract, is named in a lawsuit that alleges title insurance firms sought to persuade him to raise rates by donating to a nonprofit foundation he helped found.The lawsuit, filed in state district court, said the title insurance industry gave $21,750 in 2003 and $26,200 in 2004 to Con Alma Health Foundation.
Although tax documents filed by Con Alma do not list specific donors, the lawsuit said the 2003 donation lists the address of LandAmerica Albuquerque Title Co., a subsidiary of LandAmerica Financial Group Inc., parent company of three companies named as defendants.
"A primary purpose of these contributions was to influence defendant Serna, in his capacity as superintendent of insurance, to set unreasonably high rates for title insurance, and to restrain competition as to the price and terms of title insurance in New Mexico," the lawsuit alleges.
Serna said he follows state law in setting rates, and called the allegations concerning Con Alma contributions "laughable."
"That's ridiculous," he said. "We have a transparent process."
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