No one knows for certain what regulatory changes will result from New York Attorney General Eliot Spitzer's investigations into unethical sales practices in the insurance industry.But, at press time, state policymakers had already drafted model laws requiring additional disclosure of broker compensation. And, not surprisingly, industry representatives were pleading for prudence.
The National Association of Insurance Commissioners (NAIC), Kansas City, Mo., released the Producer Compensation Disclosure Amendments to the Producer Licensing Model Act, and the National Conference of Insurance Legislators (NCOIL), Albany, N.Y., developed its Proposed Insurance Broker Fiduciary Duty and Conflict of Interest Model Law.
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