NU Online News Service, Nov. 8, 3:41 p.m. EDT
The New York State Insurance Department has released its circular letter providing guidance for its upcoming producer compensation disclosure regulation, but agent groups said questions still need to be worked out before the Jan. 1 implementation.
Matthew Guilbault, director of Government & Industry Affairs for the Professional Insurance Agents of New York (PIANY), said the department guidance is a step in the right direction, and addresses some of PIANY's earlier concerns, but he said the association will be working with the department for further clarification before Jan. 1, when the producer compensation regulation is scheduled to take effect.
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