Assurant Inc. was fined $14 million and ordered to cut insurance premiums and make refunds to homeowners after a New York review found the company overcharged clients and won business through improper deals with banks.
"Insurers and banks built a network of troubling relationships and payoffs that helped drive premiums sky high," said Benjamin Lawsky, New York’s superintendent of financial services, in a statement Thursday. "Those improper practices created significant conflicts of interest and saddled homeowners, taxpayers, and investors with millions of dollars in unfair and unnecessary costs."
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