Securian Financial Group of St. Paul, Minn., said Wednesday that it had received regulatory approval to write debt-protection contractual liability policies in Florida.
The policy transfers the risk of providing the loan protection product from the lender to the insurer.
Securian started offering debt protection in 2002 and now offers customized and pre-packaged programs that protect a variety of loan types. The company also provides administrative services such as program pricing, benefit determination and overall program management. It claims more than 200 debt-protection programs in financial institutions throughout the U.S.