New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IX - Unfair Trade Practices
Part 227 - Regulation of Force-placed Insurance
Section 227.5 - Refunds of Force-Placed Insurance Premiums
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 227.5
Current through Register Vol. 46, No. 39, September 25, 2024
Within 15 days of receiving, from the borrower or otherwise, evidence demonstrating that the borrower has had in place hazard insurance that complies with the mortgage loan contract's requirements to maintain hazard insurance, an insurer, insurance producer or affiliate shall remove force-placed insurance from the borrower's property and refund to the servicer or borrower, as the case may be, all force-placed insurance premiums paid by the servicer or borrower for any period of overlapping insurance coverage.
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