New York regulators are expanding their investigation into the so-called force-placed insurance that target homeowners in financial distress.
Benjamin Lawsky, the state’s superintendent for the financial services department, said Thursday that he has asked largest licensed force-placed insurers operating in New York to provide a detailed accounting of their expenses, claims payments and profits. Regulators say initial findings from their investigation have raised more concerns.
Regulators Seek More Documents From InsurersLawsky said his department has sent formal document requests to several insurers. These companies include: Balboa Insurance Company; QBE Insurance Corporation; QBE Financial Institution Risk Services Inc.; American Security Insurance Company (Assurant); American Bankers Insurance Company of Florida (Assurant); Meritplan Insurance Company; American Modern Home Insurance Company; Empire Fire and Marine Insurance Company; and Fidelity and Deposit Company of Maryland.
These insurers will now have to provide to regulators extensive information and supporting documentation, including:
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