Delaware to Get $200K in Insurance Settlement - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Delaware to Get $200K in Insurance Settlement

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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.

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