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| [March 21, 2013] |
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Assurant and Subsidiaries Reach Agreement with New York Department of Financial Services
NEW YORK --(Business Wire)--
Assurant, Inc. (NYSE: AIZ), a premier provider of specialty insurance
and insurance-related products and services, and its subsidiaries
American Security Insurance Company (ASIC) and American Bankers
Insurance Company of Florida (ABIC), reached an agreement with the New
York Department of Financial Services (NYDFS) regarding lender-placed
insurance in the State of New York.
Under the terms of the agreement, ASIC and ABIC, both part of Assurant
Specialty Property, will:
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Make a $14 million settlement payment, without admitting or denying
any wrongdoing
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Modify certain lender-placed business practices consistent with new
regulations expected to be issued by the NYDFS that will apply to all
New York-licensed lender-placed insrers of properties in the state
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File its new lender-placed program and new rates in New York
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Establish a refund opportunity program to be administered by an
independent third party, through which New York property owners with
ASIC or ABIC polices issued on or after Jan. 1, 2008 may be eligible
for refunds of a portion of their premiums. Additional details and
requirements will be available beginning in May 2013 at
www.NY-AmericanSecurityFPIRefund.com.
In commenting on the agreement, Gene Mergelmeyer, president and chief
executive officer of Assurant Specialty Property said: "With matters
resolved with the New York Department of Financial Services, we look
forward to filing our next generation lender-placed product as we
continue to meet the needs of our clients and customers in New York with
outstanding service and support."
Assurant is a premier provider of specialized insurance products and
related services in North America and select worldwide markets.
Assurant, a Fortune 500 company and a member of the S&P 500, is traded
on the New York Stock Exchange under the symbol AIZ. Assurant has
approximately $29 billion in assets and $8 billion in annual revenue. www.assurant.com
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