Force placed insurance rules on their way to New York

forced placed insurance homeowners
Michigan Auto Insurance Reform Bill...
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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 achieved in New York

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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New York regulators announce price reduction for forced placed insurance

New York Homeowners Insurance Rules

Homeowners to see some relief from ultra high premiums. The top financial regulator in New York state has ordered that forced placed insurance on homeowners policies be provided at a lower price, following a probe that determined that companies had been overcharging their customers. The deadline for the changes to the premium rates has been set at July 6, 2012. Benjamin M. Lawsky, the superintendent of the Department of Financial Services set the deadline for the filing of new price on the coverage for homeowners in New York, within this…

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Advocacy group calls upon New York regulators to take action against force-placed insurance

force placed insurance

New York regulators urged to be examples in the fight against controversial insurance practice The Consumer Federation of America (CFA), a consumer advocacy group, has called upon New York insurance regulators to tackle the issue of force place insurance for homeowners. The New York Financial Services Department has been holding public hearings concerning a number of issues of importance in the state. During one of these hearings, CFA Insurance Director J. Robert Hunter petitioned insurance regulators to take a stand against the controversial practice of force-placed insurance and become national…

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