Federal regulators Thursday moved to tighten the regulations governing the small but highly profitable forced-place homeowners insurance market—and more is on the way.
Consumer advocates say the new initiatives give them hope that creation of the new Consumer Financial Protection Bureau through the Dodd-Frank Act will lead to lower rates in other highly profitable niche markets.
There is some disagreement among financial-services companies as to whether the new regulations exceed the mandate provided through DFA. Officials of Assurant, the largest player in forced-place insurance, says it will comply with the new regulations, while an official of a group representing the banking industry says the regulations exceed the law's mandate.
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