Nevada Issues First Broker Fee Rule
Nevada has become the first state to set new broker compensation disclosure rules in the wake of New York Attorney General Eliot Spitzers probe into the industrys contingency fee scandal.
The temporary regulation issued earlier this month received a good review from an insurer trade group. Sam Sorich, vice president of the Property Casualty Insurers Association of America, said the Nevada Division of Insurance “took a well-reasoned approach in crafting its temporary regulation. Appropriately, the temporary regulation applies only to brokers.”
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