The Independent Insurance Agents & Brokers of New York (IIABNY) announced that it will proceed with legal action to stop a New York State Insurance Department-published rule that mandates that producers tell their clients, if asked, who is paying them and how much. The rule goes into effect Jan. 1, 2011, but challenges are expected from multiple agent organizations, many of which agree with IIABNY that the rule is needless.
INN reported Wednesday that in a statement, New York State Insurance Superintendent James Wrynn said the new regulation is designed to provide transparency by requiring agents and brokers to describe to consumers their role in a business transaction and how they are compensated.
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