New York's newly proposed producer compensation disclosureregulations are unacceptable, and without changes legal action is apossibility, a leading agent association executive warned lastweek.
“In its current form, without additional changes, we cannotsupport [the regulations],” according to Richard A. Poppa,president and chief executive officer of the Independent InsuranceAgents and Brokers of New York, following a conference call withassociation executives and officers.
He said his association has everyintention of continuing discussions with the governor's office andinsurance department officials to clarify portions of theregulation, but he would not take off the table the possibility ofa legal challenge if changes are not made.
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