Agents groups are preparing for another battle with theCalifornia Department of Insurance over proposed regulationincreasing the fiduciary responsibilities of agents andbrokers.
State Insurance Commissioner John Garamendi has already proposedthe regulations, which include such requirements as increasingdisclosures and liability of brokers and agents, requiring that allquotes be presented to a client, and giving Mr. Garamendi theauthority to issue citations for regulation violations.
The new proposal will be released in mid-September, according todepartment spokesman Norman Williams. Mr. Williams would notspecify which changes were made to the proposal but said it willinclude several changes suggested in public comments received bythe department, as well as "some adjustments we feel we needed tomake."
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
