The Risk and Insurance Management Society issued a statement yesterday calling upon the New York State Attorney General's Office and the New York Insurance Department to issue new regulations to govern broker compensation.
The association said it also made the request to New York officials last summer that broker transparency should be mandatory, rather than voluntary.
Beginning in 2005 after a New York State investigation a number of insurance carrier and insurance brokerage executives were hit with criminal charges related to using hidden contingent compensation fees as cover for kickbacks to brokers cooperating in commercial insurance bid-rigging schemes.
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