The debate over disclosure of broker compensation took an ugly turn with a lawsuit filed in New York last month, although the most important verdict might not come in the court house but in the court of public opinion.
Responding to a legal challenge against a disclosure regulation taking effect Jan. 1, 2011, the insurance department wondered what brokers might be "trying to hide."
The Independent Insurance Agents and Brokers of New York–which filed the suit along with the Council of Insurance Brokers of Greater New York–insist they stand behind disclosure but dispute the department's right to mandate its terms.
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