New York insurance regulators are urging other states to use its settlement agreement with Assurant, Inc. as a template for a national policy on the issue.
Under the March 21 deal with the New York Department of Financial Services, Assurant paid a $14 million fine, and agreed to cut its rates and institute other reforms.
It also agreed to make refunds to eligible homeowners who feel they were "forced in error" to buy force-placed insurance any time after January 1, 2008.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
