lender-placed insurance News

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 …

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 …

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 …

Fannie Mae Changing ‘Forced-Place’ Home Insurance Rules

The practice of banks forcing expensive homeowners insurance on borrowers could come to an end after Fannie Mae told lenders it would seek to oversee such policies itself. For many homeowners who are required to buy insurance as a condition …