A New York independent agent's association said last week that it plans to make good on a prior threat to file a lawsuit to block Empire State regulators from implementing new producer disclosure compensation rules.
The Independent Insurance Agents & Brokers of New York announced its intent to sue on Wednesday–the day that New York Insurance Department officially released its new rules requiring insurance agents and brokers to disclose information about how insurance companies and others compensate them.
The rules are slated to take effect on Jan. 1, 2011.
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