Industry, Consumer Groups Hit Producer Fee Disclosure Model Act
Insurance industry associations are not demonstrating much enthusiasm for regulator efforts to produce a comprehensive set of producer compensation disclosure model laws, with concerns raised that splits among members of the National Association of Insurance Commissioners will produce an unwieldy patchwork of state legislation.
A Dec. 29 conference call by the NAIC was intended to move forward a model of legislative reforms growing out of the contingency fee abuses alleged by New York Attorney General Eliot Spitzer. However, instead of developing a uniform code of conduct emphasizing disclosure to buyers, the lack of consensus among regulators is prompting concerns within the industry.
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