Force-Placed Insurance News

HSBC, Wells Fargo Settle Force-Placed Insurance Claims

HSBC Holdings Plc and Wells Fargo & Co. agreed to settle lawsuits by mortgage holders who alleged they were forced to pay for property insurance at inflated rates. HSBC will pay as much as $32 million to resolve the claims, …

JPMorgan $300M Settlement Over Force-Placed Insurance Approved

A U.S. judge approved a settlement Friday of a class-action lawsuit against JPMorgan Chase for its force-placed insurance practices, an agreement that could pay more than $300 million to about 750,000 mortgage borrowers. The national settlement prohibits the bank for …

Citi to Pay $110 Million in Force-Placed Insurance Settlement

Citigroup Inc. has agreed to pay $110 million to thousands of homeowners who were forcibly charged expensive property insurance premiums, a court filing showed, as several U.S. banks and insurers were criticized by regulators over such practices. The class-action lawsuit …

N.Y. Proposes Sweeping Rules to Reform ‘Force-Placed’ Insurance Business

New York State officials today proposed a comprehensive set of rules to reform the “force-placed” — also known as “lender-placed” or “creditor-placed” — insurance industry in the state. The New York Department of Financial Services (DFS) said the regulations will …

JP Morgan, Assurant Settle Force-Placed Insurance Claims for $300M

JPMorgan Chase & Co and a major insurer have agreed to a $300 million settlement to resolve accusations that they forced homeowners into over-priced property insurance and entered into kickback arrangements that inflated the policies’ prices. The lawsuit being settled …

N.Y. Reaches Reform Agreements With 4 Additional ‘Force-Placed’ Insurers

New York officials announced that the state’s “force-placed” insurance reforms will now cover 100 percent of the New York market after the New York State Department of Financial Services (DFS) reached agreements with the four remaining New York force-placed insurers …

N.Y. Reaches Settlement With QBE Over ‘Force-Placed’ Insurance Business

New York officials announced this morning that a New York State Department of Financial Services (DFS) investigation produced an additional settlement with a major “force-placed” or “lender-placed” insurer, QBE. The settlement with QBE, the nation’s second-largest force-placed insurer, follows an …

Lawsky Urges Fellow Regulators to Reform Force-Placed Insurance Market

New York Financial Services Superintendent Benjamin Lawsky, whose department reached a settlement with the country’s largest “force-placed” or “lender-placed” insurer Assurant last month, is urging fellow regulators from around the country to follow New York’s lead. Superintendent Lawsky said in …

N.Y. Reaches Settlement With Assurant, Largest ‘Force-Placed’ Insurer in U.S.

The New York State Department of Financial Services investigation has produced a settlement with the country’s largest “force-placed” insurer, Assurant Inc. New York Gov. Andrew Cuomo, who announced the news this morning, said the settlement will help lead a nationwide …

California Commissioner Considering ‘Force-placed’ Regulations

A meeting slated for Thursday called for by California Insurance Commissioner Dave Jones to deal with “force-placed” insurance has cast the dye for debate on whether such insurance should be filed in the category of specialty lines or commodity. Other …