New York's newly proposed producer compensation disclosure regulations are unacceptable, and without changes legal action is a possibility, a leading agent association executive warned last week.
“In its current form, without additional changes, we cannot support [the regulations],” according to Richard A. Poppa, president and chief executive officer of the Independent Insurance Agents and Brokers of New York, following a conference call with association executives and officers.
He said his association has every intention of continuing discussions with the governor's office and insurance department officials to clarify portions of the regulation, but he would not take off the table the possibility of a legal challenge if changes are not made.
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