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In response to the controversy generated by New York Attorney General Eliot Spitzer’s investigations into alleged bid rigging and market manipulation by insurance brokers, the National Association of Insurance Commissioners has drafted a compensation disclosure amendment to its Producer Licensing Model Act. Despite its adoption of the amendment, the NAIC has sent one section back to a task force to be reviewed and possibly reworked. Section B, which would require disclosure by all producers, including independent agents and salaried employees of direct response companies, was criticized by many trade groups and representatives for being too inclusive and casting an overly wide net.


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