A California producers group is criticizing both the state insurance commissioner and a fellow agent's group over a recent agreement settling bid-rigging allegations against Zurich American that requires disclosure of all agents' compensation to the insurers' policyholders.
The Alliance of Insurance Agents & Brokers, based in La Berne, Calif., is calling the recent Zurich agreement a backdoor attempt by California Insurance Commissioner John Garamendi to force agents and brokers to report all forms of compensation they receive from carriers.
Alliance executive director Ken Nigohosian said in a statement that Mr. Garamendi is seeking to use the agreement, which involves eight other states, as a platform to impose reporting standards he sought for agents and brokers on compensation that were beaten back last year.
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