- Associated Press - Thursday, April 20, 2017

DOVER, Del. (AP) - Delaware officials say the state will get more than $200,000 from insurance company Assurant as part of a settlement.

Media outlets report that the Department of Insurance announced Wednesday that the $212,505 is part of a $75 million settlement reached with 48 states over the company’s force-placed property insurance business. Banks and other lenders buy force-placed property insurance when they buy a stake in a property and find insurance on that property has expired or is unsatisfactory.

Insurance regulators in several states found that Assurant was charging excessively high premiums and giving the surplus money to mortgage servicers as rebates. The states argued that meant buyers were paying extra to give Assurant an unfair advantage.

Assurant promised to change business practices and regularly re-file its rates.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2020 The Washington Times, LLC.

Please read our comment policy before commenting.


Click to Read More and View Comments

Click to Hide