Florida continued the crackdown on high rates for force-placedhomeowners insurance, announcing it has ordered AmericanSecurity Insurance Co. to reduce its current rates by 10percent.

The order from the state Office of Insurance Regulationmandates that American Security institute a number of reformsdealing with the business practices associated with sale of thisproduct, including a ban on paying commissions to the mortgageservicer who placed the insurance.

The rate reduction will result in a savings to consumers ofabout $51 million, OIR says.

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