New York independent agent groups are concerned that compensation disclosure rules proposed by the state insurance department could become an unworkable burden on producers, but three mega-brokerage firms applauded the proposal.
"We have no problem with disclosure," said Matthew Guilbault, director of government and industry affairs for the Professional Insurance Agents of New York. "We are concerned if [the regulations] are overly burdensome."
"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 Independent Insurance Agents and Brokers of New York said in a statement.
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