The Florida Office of Insurance Regulation has rejected the 2.2 percent rate decrease for force-placed insurance cover proposed by QBE subsidiary Praetorian.
The regulator had indicated that a drop in rates of 35-36 percent was required and therefore issued a notice of intent to disapprove the 4 May rate filing submitted by the QBE unit.
Force-placed insurance is imposed on customers who fail to secure homeowners' insurance for their property as required by their mortgage or lending agreement.
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