Starting Saturday, insurers and mortgage lenders for Florida homeowners will face some new restrictions on lender-placed insurance policies, thanks to a bill approved by state lawmakers this year. House Bill 793 takes effect July 1 and it bars what some …
Global insurance broker HUB International Ltd. has acquired the assets of James L. Miniter Insurance Agency, Inc. Located in Rockland, Massachusetts, Miniter Group is a provider of lending risk products and services in the banking space, including outsourced insurance tracking …
Santander Consumer USA Holdings Inc., a leading subprime auto lender, will pay $11.8 million to settle claims that it misled customers about the cost and terms of auto loans and insurance, a U.S. consumer watchdog said on Tuesday. Santander Consumer, …
Massachusetts Attorney General Maura Healey said national mortgage lender and servicer HSBC has agreed to pay $4 million to resolve allegations involving force-placed insurance practices. The settlement resolves allegations that HSBC received commissions and other “kickbacks” relating to force-placed insurance …
The regulator of Fannie Mae and Freddie Mac will consider suing insurers who charged excessive fees for hazard coverage paid by the two government-owned mortgage companies, an auditor’s report said. Fannie Mae and Freddie Mac could have overpaid about $158 …
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 …
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 …
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 …
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 …
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 …
