The Risk and Insurance Management Society Inc. (RIMS) says pay-disclosure rules created by the New York Insurance Department are insufficient to protect consumers and urged the department to reopen a period of public comment on the proposal.
The new rules would require agents to reveal to clients how much they are paid, but still permit contingent commissions, a move RIMS says “could give rise to the same conflict-of-interest concerns that the proposed rule was meant to address.”
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