Citigroup (NYSE: C) and insurance company Assurant (AZ) have agreed to pay $110 million to settle charges that the lender forced thousands of homeowners to purchase expensive property insurance in order to profit from kickbacks and commissions.

The agreement, which awaits court approval, also forbids Citi from accepting commissions or any other kind of compensation for lender-placed flood or hazard insurance for the next six years. The proposed settlement was filed Thursday in a New York federal court.

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