The deputy commissioner of the Colorado Insurance Division, whose investigations sparked a multistate title insurance kickback probe, has accepted a new post as director of the parent agency's real estate division.
The appointment of Erin Toll, 45, came a day after it was announced that LandAmerica, one of the title companies she was investigating, would pay more than $102,000 to settle state charges.
The agreement was reached after Colorado authorities alleged the company had paid illegal kickbacks to homebuilders for their exclusive business. In addition to fines and restitution, the company agreed to cease the business practices in dispute.
LandAmerica's settlement followed tense negotiations during which the company at one point demanded that Ms. Toll remove herself from the talks, charging she had a conflict of interest, which they did not specify. But the department found no basis for such claims and declined to remove Ms. Toll from the case.
The House Financial Services Committee suggested in a May 24 letter that the company was using indirect threats or pressure to influence a settlement.
Geoffrey Heir, a spokesman for the Colorado Department of Regulatory Agencies, said today Ms. Toll's move to her new post was unrelated to the allegations by LandAmerica and the settlement.
Ms. Toll testified in April on title insurance kickback issues before the House Financial Services Committee on behalf of the Colorado Department.
"This is a promotion," Mr. Heir said. "The former director left the [real estate] department some time ago, and we had been doing a search."
Ms. Toll was one of several candidates, he said, and the hiring was through "an open and competitive process." Ms. Toll, he noted, had applied for the job. Mr. Heir said she was chosen over three other candidates, commenting, "Her experience will definitely be an asset to her in her new position."
The post carries a salary range of $72,000 to $102,000. Mr. Heir would not reveal Ms. Toll's current salary.
The new appointment for Ms. Toll, who also heads the NAIC Task Force on Title Insurance, was announced by Tambor Williams, executive director of the Colorado Department of Regulatory Agencies.
The Division of Real Estate she will head is responsible for the oversight of 45,000 licensed real estate brokers and 5,500 licensed real estate appraisers. It will begin registering mortgage brokers in October of this year. Ms. Toll will oversee an annual budget of approximately $3.3 million and a staff of 35.
"Erin has been an asset to the Division of Insurance and will be sorely missed," said Insurance Commissioner David Rivera. "She has served the citizens of Colorado well at Insurance and will undoubtedly continue to do so as director of the Division of Real Estate."
Ms. Toll, according to her testimony before the House Financial Services Committee, began investigating nine Colorado title insurers in the fall of 2004 for alleged kickback schemes that resulted in overcharges to consumers for title insurance services.
Her probe prompted a number of other states to launch similar probes, including New York, Florida, Washington, Hawaii, California, Oklahoma and Minnesota.
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