Law360, New York (June 12, 2012, 7:48 PM ET) -- Companies offering force-placed insurance will have to propose new premium rates following recent revelations that they overcharged New York homeowners by millions of dollars, the New York Department of Financial Services said Tuesday.
Three NYDFS hearings held in late May focused the spotlight on high premiums and lack of competition within New York's market for force-placed insurance — policies that lenders impose when homeowners let their insurance lapse.
Experts testified at the hearings that force-placed insurance can cost from three to 10 times more than normal...
NY Orders Force-Placed Insurers To Submit New Rates
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