Assurant Paying $14 Million to Settle New York Investigation

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

Assurant (NYSE: AIZ  ) has reached a $14 million agreement with New York's Department of Financial Services over its business practices in relation to forced-place loans.¬† ¬†Without admitting or denying any wrongdoing, the company is to pay the settlement amount, modify some of its business practices, and establish a refund opportunity program for eligible property owners, among other requirements.

Forced-place insurance providers, including Assurant, were collectively the target of a DFS investigation into the industry's business practices. The investigation found that premiums for such insurance could be several times higher than those for voluntary insurance.

Forced-place is a type of insurance taken out by a lender on a piece of property. This occurs at times when a borrower cannot or will not continue to carry the homeowner insurance required by the terms of their mortgage.

According to the DFS, Assurant is the largest force-placed insurer in the country.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2326179, ~/Articles/ArticleHandler.aspx, 9/30/2016 8:00:49 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/30/2016 4:02 PM
AIZ $92.25 Up +0.78 +0.85%
Assurant CAPS Rating: *****