Assurant To Drastically Cut Force-Placed Rates In Calif.

Law360, New York (October 23, 2012, 6:33 PM EDT) -- Facing pressure from insurance regulators, an Assurant Inc. subsidiary said Monday that it will slash its force-placed insurance rates by nearly a third in California, becoming the first force-placed carrier in the state to lower rates after regulators recently began scrutinizing the market.

American Security Insurance Co.'s move to drop rates by 30.5 percent will save California homeowners an estimated $42.7 million, according to the California Department of Insurance. The CDI joined New York and Florida regulators in pushing insurers to cut rates for force-placed insurance,...
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