New York State regulators have proposed a sweeping set of rules to reform the force-placed insurance industry, in the latest sign that the government is taking steps to reform what critics call an abusive industry practice that overcharges homeowners.

The new rules would seek to lower rates, protect homeowners and eliminate the "kickback culture" in the force-placed industry, New York Governor Andrew Cuomo announced Thursday. The rules are an attempt by Cuomo and the New York State Department of Financial Services to apply to the entire industry a set of reforms it imposed through a settlement with major force-placed insurance providers earlier this year.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access