June 25, 2015
Department of Insurance revokes licenses of Kirksville title insurance agency, owner
Title insurance agent sold fraudulent insurance policies, kept premiums
Jefferson City, Mo. - The Missouri Department of Insurance has revoked the licenses of Kirksville title insurance agent Nancy J. Porter and her company, Nancy J. Porter LLC, doing business as Adair County Title & Escrow. In a consent order signed June 17, Porter agreed the department has evidence to prove multiple violations of state law, including fraud and misrepresentation.
An investigation by the Consumer Affairs Division found that her company had been issuing title insurance commitments and policies that appeared to be underwritten by Stewart Title Guaranty Co. However, Porter had no authority to bind Stewart Title.
Stewart Title terminated Porter's agency agreement effective Dec. 31, 2012, although Porter continued to issue title insurance commitments and policies for more than two years without underwriting from Stewart Title.
"Nancy Porter and her company defrauded consumers by selling them nonexistent title insurance policies and also defrauded financial institutions that believed their loans were protected by title insurance," said Insurance Director John M. Huff.
Porter's company also fraudulently collected and kept title insurance premiums from the policyholders for more than two years, and employed unlicensed insurance agents from March 2012 through February of this year.
"I encourage clients of Adair County Title & Escrow to check their policies for an insurance company contact number and then to call to make sure their policies are legitimate," Director Huff said. "If they can't find their policy or a contact number, they are encouraged to call our Insurance Consumer Hotline at 800-726-7390."
Consumers are encouraged to file complaints against agents or insurance companies they believe have violated Missouri law. The department revoked 11 insurance licenses last year while 22 licenses were surrendered.
Consumers with complaints and general questions can call the department's Insurance Consumer Hotline at 800-726-7390 or visit insurance.mo.gov.
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.