Assurant, Inc. (NYSE: AIZ), a premier provider of specialty insurance and insurance-related products and services, and its subsidiaries American Security Insurance Company (ASIC) and American Bankers Insurance Company of Florida (ABIC), reached an agreement with the New York Department of Financial Services (NYDFS) regarding lender-placed insurance in the State of New York. Under the terms of the agreement, ASIC and ABIC, both part of Assurant Specialty Property, will:
- Make a $14 million settlement payment, without admitting or denying any wrongdoing
- Modify certain lender-placed business practices consistent with new regulations expected to be issued by the NYDFS that will apply to all New York-licensed lender-placed insurers of properties in the state
- File its new lender-placed program and new rates in New York
- Establish a refund opportunity program to be administered by an independent third party, through which New York property owners with ASIC or ABIC polices issued on or after Jan. 1, 2008 may be eligible for refunds of a portion of their premiums. Additional details and requirements will be available beginning in May 2013 at www.NY-AmericanSecurityFPIRefund.com.