New York Announces Several Additional Lender-Placed Insurance Settlements

Force-placed Insurance

On May 30, New York Governor Andrew Cuomo and the Department of Financial Services announced that the state obtained agreements from four additional lender-placed insurers – American Modern Insurance, Chubb, Fidelity and Deposit Company of Maryland, and FinSecure. The state’s announcement indicates that, combined with the settlements announced in recent months with Assurant, and with QBE and Balboa, it has now has obtained agreements from all market participants to revise lender-placed insurance practices in that state.