Filed Under:Claims, Catastrophe & Restoration

Forced-Place Insurance Rises On Fed's Radar

NU Online News Service, March 9, 3:34 p.m. EST

The head of the Consumer Financial Protection Bureau will propose regulations this year imposing strict limits on use of force-placed insurance for homeowners’ rising to a place of concern among consumer advocates where it should not be an industry expert says.

He adds, “We believe our investigation will expose just how bad this problem is; get to the core of why this insurance is so outrageously priced; hold those responsible accountable, and produce real long-term, enforceable solutions.”

According to consumer advocates participating in the NAIC’s Consumer Liaison Committee meeting last Saturday in New Orleans, the market is dominated by two players, QBE, an Australian-based firm which acquired Balboa Insurance from the Bank of America, and Assurant.

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