Until we have decided cases to report on, we will clearly be able to make do with governmental investigations of the practices involved in forced-placed insurance. That is the insurance "which mortgage lenders take out when borrowers stop making payments on their homeowner's insurance." Mary Williams Walsh, "New York Investigates Bank Payments to Insurers" p. B1, col. 2 (New York Times Nat'l ed., "Business Day" Section, Tuesday, May 22, 2012).
Two forced-place insurance companies, Assurant and QBE Insurance, reportedly control "about 90 percent of the market" (in New York State). Id.
"The [New York] state Department of Financial Services is looking into whether the insurance firms effectively bought their dominant positions by paying kickbacks to banks disguised as commissions or other business, according to the department's superintendent, Benjamin M. Lawsky." Id.
The New York department is also "considering whether to require rebates for homeowners who were overcharged for the coverage." Id.
Please Read The Disclaimer.
thanks for the nice blog. it was very useful for me. keep sharing such ideas in the future as well. this was actually what i was looking for.
Posted by: Private Investigator Cameron | November 23, 2012 at 07:13 AM