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Flag: Whats The Difference?
Disclosure Rules Diverge
The following highlights the differences between the NCOIL and NAIC approaches to broker fee disclosure regulation:
Rule limited to double-compensated brokers Adds ambiguous “or represents customers”
Initial placement only All placements
Secondary and residual markets exempted No such exemptions
Amount provision deleted Amount required “if possible”
No written consent required Written consent required
Reproduced from National Underwriter Edition, March 10, 2005. Copyright 2005 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.