NY Floats Regs Blocking Force-Placed Insurance Kickbacks

Law360, New York (September 19, 2013, 4:20 PM EDT) -- New York's insurance regulator on Thursday proposed a tough new set of rules to curb kickbacks in the force-placed insurance market, months after reaching settlements worth more than $24 million with insurers accused of providing improper commissions to banks.

The New York Department of Financial Services said the new regulations would ensure that the reforms that QBE Holdings, Assurant Inc., and others agreed to as part of the settlements would apply to new insurers that enter the market.

New York Gov. Andrew Cuomo said the regulations...
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