Force-placed market to come under greater NAIC scrutiny
A National Association of Insurance Commissioners (NAIC) hearing
was the scene of a clash between financial services officials and
consumer advocates on the question of bank commission fees and
premium rates in the controversial force-placed insurance market.
The product, which is essentially property insurance placed on a
home by a mortgage lender when the owner's insurance lapses,
has come under fire over the past few years and there is a growing
wave of efforts to reform the industry both at...
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