Producers Warn of Flaws in Disclosure Rule

New York's top groups of agents and brokers are warning regulators that a draft rule mandating the disclosure of commissions and other compensation remains vague in some areas and too tough in others.Insurance Agents & Brokers of New York (IIABANY), Professional Insurance Agents of New York (PIANY) and other groups met with the New York State Insurance Department last Tuesday and called for further change in a mandatory compensation draft rule called the toughest in the nation.Following three public hearings last summer, state regulators rolled out their first draft disclosure rule in ...