Assurant Unit Pays $2.8 Million for Faulty Insurance Disclosures

An Assurant Inc. subsidiary agreed to pay $2.8 million for failing to provide proper disclosures on mobile phone and tablet insurance contracts, New York regulators said.

The New York Department of Financial Services said in a Thursday consent order that the Assurant subsidiary, The Signal LP, didn’t tell consumers about potential discounts they could get for purchasing different insurance options for their mobile devices. Signal also omitted information about portions of consumers’ payments that were diverted to Assurant, according to the order.

Documents Signal provided to consumers didn’t disclose that their homeowners and other insurance policies might already provide coverage ...