Professional Insurance Agents of New York State Inc. past President John W. Bailey, CIC, testified yesterday at a joint public hearing held by the New York State Insurance Department and Attorney General's office in Albany, N.Y., which discussed producer compensation and disclosure.
Eight individuals testified at the hearing, representing producer and company groups from the property/casualty and life/disability sectors; as well as Mercer Health & Benefits and State Farm.
Bailey held PIA's position that contingent commissions are legal, effective compensation for producers that benefit New York state's consumers and economy. He said that, beyond their inherent ethical behavior, a competitive market ensures that agents act in best interests of the consumer.
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