NU Online News Service, May 20, 3:15 p.m.EDT--Mark J. Hagan, the newly elected chairman of theIndependent Insurance Agents & Brokers of New York (IIABNY),said the group will work with regulators on the issue of increasingagent disclosure of compensation to policyholders.
According to an IIABNY announcement, Mr. Hagan, president of thePerry & Carroll agency in Elmira, N.Y., said that theorganization would cooperate with insurers, state legislators andthe state Insurance Department "toward facilitating transparency indisclosing compensation as a practical business practice among itsmembership."
The New York Insurance Department is currently evaluatingpossible regulations for disclosure of agents and brokerscompensation agreements including incentive fees paid byinsurers.
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