The conflict between New York insurance agents and the state’s insurance department over compensation rules took another turn this week, this time with a professional group of agents from New York City, which launched legal challenges over the latest rules requiring agents to disclose their pay to customers. The new regulation, which will go into effect on January 1, 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.
The group, the Directors of the Council of Insurance Brokers of Greater New York, voted to call for an “article 78 proceeding,” an appeal to state court over the state agency's rules.
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