N.Y. Eyes Fee Disclosure Regulation For All Brokers

A new mandate requiring every retail broker in New York to disclose to their clients the value of all compensation deals with insurers is being drafted by the state insurance department, a regulator revealed here at a meeting of wholesalers.

The proposed “producer transparency rule” would “ban any New York broker from accepting any compensation from an insurer if not disclosed to the client beforehand,” said Steven Nachman, deputy superintendent for frauds and consumer services in the state insurance department.