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.
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