Force-Placed Insurer QBE To Pay $10M In NY Probe

Law360, New York (April 18, 2013, 1:26 PM EDT) -- The second-largest force-placed mortgage insurer in the U.S. will pay $10 million, stop paying commissions to banks, lower its premiums and provide restitution to homeowners to end a New York state regulator's claims that it improperly inflated its premiums, Gov. Andrew Cuomo announced Thursday.

QBE Holdings Inc. reached the agreement with the New York State Department of Financial Services after being accused of raking in premiums for force-placed mortgage insurance — policies placed by lenders or mortgage servicers when borrowers don’t maintain adequate coverage to meet...
To view the full article, register now.