New York regulators News

New York regulators have ordered insurers to offer new premiums to homeowners forced by their banks to buy back-up policies, following hearings last month indicating the rates are high while insurer loss ratios are low. New rate proposals are due …

Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that take out policies when a homeowner fails to maintain coverage required by the mortgage, according to New York regulators. In …