New York officials announced that the state’s “force-placed” insurance reforms will now cover 100 percent of the New York market after the New York State Department of Financial Services (DFS) reached agreements with the four remaining New York force-placed insurers …
New York officials announced this morning that a New York State Department of Financial Services (DFS) investigation produced an additional settlement with a major “force-placed” or “lender-placed” insurer, QBE. The settlement with QBE, the nation’s second-largest force-placed insurer, follows an …
New York Financial Services Superintendent Benjamin Lawsky, whose department reached a settlement with the country’s largest “force-placed” or “lender-placed” insurer Assurant last month, is urging fellow regulators from around the country to follow New York’s lead. Superintendent Lawsky said in …
The New York State Department of Financial Services investigation has produced a settlement with the country’s largest “force-placed” insurer, Assurant Inc. New York Gov. Andrew Cuomo, who announced the news this morning, said the settlement will help lead a nationwide …
A meeting slated for Thursday called for by California Insurance Commissioner Dave Jones to deal with “force-placed” insurance has cast the dye for debate on whether such insurance should be filed in the category of specialty lines or commodity. Other …
California Insurance Commissioner Dave Jones announced a 30.5 percent rate reduction, for “lender-placed” homeowners’ insurance coverage offered by American Security Insurance Co., an Assurant Inc.-owned company. The reduction will result in an estimated $42.7 million savings to homeowners, with an …
New York regulators said they have ordered three major insurers offering ‘force-placed’ homeowners insurance in New York to submit proposals for new premium rates.The state’s Department of Financial Services (DFS) said Tuesday the order was sent out after regulators determined …
Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that take out policies when a homeowner fails to maintain coverage required by the mortgage, according to New York regulators. In …
The Consumer Federation of America (CFA), a Washington, D.C.-based consumer advocacy group, today called on New York regulators to become a national leader in overhauling regulation of force-placed insurance (FPI) for homeowners. New York Financial Services Department is holding a …
New York’s financial regulators will hold hearings on the so-called force-placed insurance next month. These hearings will be open to the public and will also be webcast over the Internet. Benjamin Lawsky, superintendent of the New York Department of Financial …
