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New York Asks Insurers of Lapsed Borrowers for New Rates

New York State is demanding that insurers of lapsed home-loan borrowers submit new rate proposals after hearings last month showed firms charged too much for the coverage.

“Our hearings suggest a lack of competition, high prices and low loss ratios, all of which hurt homeowners,” Department of Financial Services Superintendent Benjamin Lawsky said today in an e-mailed statement. “It is now appropriate for insurers to propose new rates along with justifications for those new rates.”