New York independent agent groups reacted with concern that compensation disclosure rules proposed by the state's insurance department could become an unworkable burden on producers, but the three major insurance brokerage firms applauded the proposal.
Representatives from the Independent Insurance Agents & Brokers of New York and the Professional Insurance Agents of New York said while they do not have a problem with disclosure, they do not want to see a requirement for disclosure become an undue obligation.
"Agents and brokers should voluntarily disclose compensation upon client request, but [the association is] opposed to any additional burdensome requirements on agents and brokers," the Dewitt, N.Y.-based IIABNY said in a statement.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
