Florida’s largest provider of insurance policies that banks buy for struggling homeowners must cut its rates 10 percent, below a 50 percent slash some advocates wanted but saving consumers an estimated $51 million, regulators said Tuesday.
The state’s Office of Insurance Regulation rejected a zero percent change in rates proposed by American Security Insurance Co., part of the Assurant Group. Regulators said the company also agreed over the coming year to stop paying certain commissions to mortgage servicers.
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