NU Online News Service, May 25, 4:00 p.m. EDT
The Independent Insurance Agents and Brokers of New York (IIABNY) and the Council of Insurance Brokers of Greater New York (CIBGNY) today jointly filed a legal action to prevent the New York Insurance Department from implementing a proposed producer compensation disclosure law.
The groups said they filed the action in New York State Supreme Court in Albany to stop what they characterized as "a burdensome and confusing regulation that will require insurance producers to disclose to their clients certain information about how insurance companies compensate them."
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