Assurant To Pay $14 Million To End Force-Placed Policy Probe

Law360, New York (March 21, 2013, 1:40 PM EDT) -- Assurant Inc., the nation's largest force-placed mortgage insurance provider, has agreed to stop paying commissions to banks and engaging in "improper and unfair practices" as part of a $14 million settlement with New York state regulators that also aims to lower premiums, Gov. Andrew Cuomo announced Thursday.

The agreement with the New York Department of Financial Services is the result of a probe that began Oct 2011. Investigators found premiums on force-placed insurance policies for mortgages were between two and 10 times higher than policies chosen...
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