NU Online News Service, April 5, 12:26 p.m. EST
New York state regulators are calling on insurers to justify the rates they change for force-placed insurance coverage and say there is evidence of conflict of interest between bankers and insurers.
The Department of Financial Services, which has jurisdiction over both the insurance and banking industry, says it is requiring insurers that deal in the mortgage product to provide detailed information covering rates and loss ratio calculations that justify what they are charging customers.
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