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Friday, March 22, 2013

Changes Coming to Lender-Placed Insurance Regulation in New York

The New York Department of Financial Services (DFS) released its findings in its investigation of the Lender-Placed Insurance (LPI) market in NY. Participants on today's ABIA Insurance Working Group call heard a summary of the changes DFS will write into its state regulations from experts at Assurant.

Among the anticipated changes to the LPI market in NY will be the discontinuation of commission sales.  The new regulations DFS will issue will affect all stakeholders in the LPI market in NY.

To learn more about the compliance issues that will arise under the anticipated new regulatory regime in New York, read the NY DFS' Consent Order.