Florida continued the crackdown on high rates for force-placed homeowners insurance, announcing it has ordered American Security Insurance Co. to reduce its current rates by 10 percent.
The order from the state Office of Insurance Regulation mandates that American Security institute a number of reforms dealing with the business practices associated with sale of this product, including a ban on paying commissions to the mortgage servicer who placed the insurance.
The rate reduction will result in a savings to consumers of about $51 million, OIR says.
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