OIR to Review Lender-Placed Rate Request from Praetorian

The Florida Office of Insurance Regulation will hold a public rate filing hearing request from Praetorian Insurance Co. on lender-placed insurance in Floridas Capitol on July 3.

Lender-placed insurance, also known as force-placed, is imposed by lenders on individuals who fail to secure homeowners insurance for their property as required by the mortgage or other lending document.

Praetorian is seeking a statewide negative 2.2 percent change for its property collateral protection program. The rate, which would vary by area, would become effective for new policies and renewals on Sept. 1 if approved.

The rate request comes as QBE Specialty Insurance Co., a surplus lines insurer, and its affiliated company, Balboa Insurance Co., are merging their lender-placed insurance programs into Praetorian.