Consumer advocates and financial services industry officials clashed Thursday over whether banks and insurers are getting paid fairly in the force-placed insurance market. 

The showdown came at a hearing held by the National Association of Insurance Commissioners on the controversial product, which is a kind of property insurance policy that banks purchase when mortgage borrowers stop paying for homeowners insurance. Banks receive a portion of the premiums through commissions, reinsurance deals and other payments from the specialty carriers that offer it.

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