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.”
