Tag: force-placed insurance

Force placed insurance rules on their way to New York

Julie Campbell
forced placed insurance homeowners

The state intends to implement some sizable and widespread regulations to this practice. Officials from New York have just proposed a new comprehensive list of rules in order to reform the practices of force placed insurance (also known as lender placed or creditor placed), for the industry within that state. These regulations are meant to help to make sure that the procedures will be kept free of abuse. This Department of Financial Services (DFS) in New York has stated that the regulations for force placed insurance are being designed in…

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Force placed insurance settlement reached by Assurant and J.P. Morgan Chase

Julie Campbell
Force placed insurance

The agreement that has been reached will require a payment of a total of $300 million to resolve the allegations. Assurant Inc. and J.P. Morgan Chase have now agreed to a settlement in a class action suit against them that will cause them to pay $300 million in order to resolve the allegations against them regarding force placed insurance selling. The claims against the companies had to do with a special type of homeowners coverage applied on behalf of the policyholders. The settlement that has been proposed is among the…

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Force placed insurance penalties to be paid by Assurant

Julie Campbell
force placed insurance

The amount that the company will be paying will come to an estimated $14 million. Assurant Inc., the largest provider of force placed insurance in the United States, is now facing voluntary penalties of $14 million, following the outcome of an investigation that called the company’s practices into question. This is one of the latest of several similar penalties being faced by insurers with similar practices. Force placed insurance is a completely normal and legal form of coverage in the United States, and is purchased on behalf of a homeowner…

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Force placed insurance settlement reached between QBE and New York

G. Turner
Forced Placed Insurance

Regulators in the state have announced that they have come to an agreement with the insurer. State regulators from New York have announced that they have come to a settlement with QBE Insurance Group regarding the issue of forced placed insurance purchased on behalf of homeowners. As a part of the settlement, the insurer has agreed to pay a penalty of $10 million. This penalty is meant to help to make restitution to the homeowners who faced hardships as a result of the force placed insurance that was purchased on…

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Force placed insurance settlement achieved in New York

H. Cutner
forced placed insurance homeowners

The state has reached a decision to help to prevent future questionable practices in the industry. New York has faced a number of financial industry questionable practices in recent years and, among them, has been the issues with force placed insurance, where homeowners have found that they were paying far more than they would if they had found the coverage on their own. The coverage is purchased by mortgage lenders on behalf of homeowners that have let their policies lapse. The primary struggle that was faced in the force placed…

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