Praetorian's Lower Force-Placed Rates Don't Cut It, Fla. Says

Law360, New York (August 10, 2012, 7:35 PM EDT) -- Florida's insurance regulator said Friday that he would reject Praetorian Insurance Co.'s proposal to cut rates for force-placed insurance by only 2 percent statewide, saying the insurer's rates were excessive and should actually be slashed by 35 percent.

Kevin McCarty — Florida's insurance commissioner and also the current president of the National Association of Insurance Commissioners — said his office plans to disapprove of Praetorian's rate filing for force-placed insurance, which is imposed by lenders when there's a lapse in homeowners' insurance required by a mortgage....
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