New York is proposing a new set of tough rules to curb kickbacks in the force-placed insurance market, months after reaching settlements totaling more than $24 million with insurers accused of providing improper commissions to banks, Law360 reports.
The New York Department of Financial Services said the new regulations would ensure that the reforms that QBE Holdings, Assurant Inc., and others agreed to as part of the settlements would apply to new insurers that enter the market.
