Remaining NY Force-Placed Insurers Sign Up For Reforms

Law360, New York (May 30, 2013, 5:41 PM EDT) -- Following the lead of QBE Holdings Inc. and Assurant Inc., the four other force-placed insurers in New York have promised not to pay commissions, or kickbacks, to banks for their force-placed business, including one carrier that will pay a $1 million penalty, a state regulator said Thursday.

American Modern Insurance Group Inc. will fork over the $1 million fine, pay restitution to homeowners, lower its premium rates, and change the way it handles force-placed policies, which banks "force" on properties when homeowners allow their own coverage...
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