Independent agent groups, both local and national, are responding in public with restraint, but in private are no doubt upset and scared after hearing that the New York Insurance Department intends to require every retail broker to disclose to clients the value of all compensation deals with insurers. I think it's about time.
Yes, it's true that only a handful of mega-brokers spoiled the party for everyone by conspiring to rig bids and fix prices–behavior exposed and corrected by then attorney general (now governor) Eliot Spitzer.
It was really only a matter of time before Gov. Spitzer's insurance department got around to putting out a regulation to force all of the state's producers to play on a level playing field–at least when it comes to telling their customers how they are paid.
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