QBE Insurance Corp. has agreed to pay $10 million in restitution to New York homeowners it required to buy force-placed insurance as part of a settlement with the New York State Department of Financial Services.
The settlement also requires QBE also to implement reforms the state set March 21 for Assurant Inc., in which that company agreed to a $14 million settlement.
Together, the two companies make up some 90 percent of the state's force-placed insurance market.
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