First American Title Insurance Co., one of the country’s largest providers of title insurance, has agreed to pay out $24 million in refunds to homebuyers to settle state charges that it funneled illegal payments for title business referrals through captive reinsurance arrangements with homebuilders and mortgage lenders. The agreement was reached this week with the Colorado Department of Insurance, which looked at captive reinsurance structures as part of an ongoing multi-state investigation of the…