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Force-Placed Insurance Reform

In October 2011, the DFS launched a multi-pronged investigation into the force-placed insurance industry. Thus far investigations have found that:

Since then, the DFS has entered into settlements with major insurers that have included restitution for homeowners who were harmed, multi-million dollar penalties, and major reforms for their force-placed insurance programs in New York.

The DFS is also encouraging other force-placed insurers and mortgage servicers operating in New York to adopt similar reforms. DFS has also urged other state to implement these reforms, as evidenced by a Letter to all State Insurance Commissioners sent in April of 2013 urging them to help root out the kickback culture that has pervaded the force-placed insurance industry and lower rates for hard-working homeowners.

Updated 5/1/2013

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