The Council of Insurance Agents & Brokers on Wednesday praised New York Insurance Superintendent Eric Dinallo for the release of Circular Letter 9, which provides producers with guidance on permissible activities under New York's anti-rebating laws.
CIAB said it worked with Superintendent Dinallo and regulators at the New York State Insurance Department to bring a more cohesive and straightforward approach to the types of value-added services producers may provide to their clients that remain within the confines of state anti-rebating laws.
The issuance of the letter is "one more step toward modernizing an insurance regulatory regime that has sometimes not kept pace with the realities of business today," CIAB said.
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