Since 2004, when a joint investigation by New York insurance regulators and then-New York Attorney General Eliot Spitzer leveled bid-rigging allegations against brokerages that resulted in prohibitions on contingent commissions, work has been ongoing to create a broker disclosure compensation rule.

That long-anticipated rule was published today by the New York State Insurance Department, and it mandates that producers tell their clients, if asked, who is paying them and how much. The rule goes into effect Jan. 1, 2011, and is expected to be challenged by a number of agent organizations, many of which argue the rule is needless.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access