WASHINGTON--The drive for increased disclosure of agent compensation arrangements with insurers were dismissed by the president of a national independent agents group as a "bunch of hooey."
Speaking to agents on Friday during the Independent Agents & Brokers of America's annual Legislative Convention and Conference meeting, Alex Soto, president of the association said the association has dedicated much time and effort to defending independent agent's incentive compensation and profit sharing arrangements with carriers.
"Incentive compensation is proper, is legal, and it is used in every facet of commerce in the United States rewarding excellence," said Mr. Soto. "It is part of an American tradition."
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