Anxiety is growing within the agent and broker community about rules in New York going into effect in January 2011, requiring them to disclose to their clients information about compensation received from insurers, with the locals warning of nationwide implications for producers.
Indeed, "insurance producers all over the country have New York licenses," noted Lane S. Rubin, chair of the Independent Insurance Agents and Brokers of New York.
"They may have heard about the new requirements and incorrectly believed that it's a New York matter only," he added. "They don't realize that they also will have to comply with these rules if they write business in New York."
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