All force-placed insurance firms doing business in New York have now agreed to put in place reforms that will substantively reduce cost of the coverage to homeowners.
The New York State Department of Financial Services says it has reached agreements with the four remaining New York force-placed insurers that had not yet agreed to implement the reforms: American Modern Insurance, Chubb, Fidelity and Deposit Company of Maryland, a unit of Zurich, and FinSecure.
They join Assurant and QBE in agreeing with New York regulators to reduce rates significantly and report annually to the DFS the finances of their FPI product. Assurant and QBE control 90 percent of the New York FPI market.
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