NU Online News Service, May 22, 2:47 p.m. EST
The lack of competition and exorbitant rate charges point to a need for strong regulation of force-placed insurance programs, say consumer advocates in New York.
On the last of three days of hearings on force-placed insurance held by the New York State Department of Financial Services, Birny Birnbaum, executive director of the Center for Economic Justice, called for "stringent regulation" of force-placed insurance, which he says is typically imposed on the "most vulnerable and financially distressed" homeowners.
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