NU Online News Service, Nov. 19, 3:50 p.m. EST

The New York State Supreme Court in Albany County has rejected the arguments of two agent associations that the state insurance department’s planned producer compensation disclosure regulation is arbitrary and unnecessary.

The agent groups–the Independent Insurance Agents and Brokers of New York (IIABNY) and the Council of Insurance Brokers of Greater New York (CIBGNY)–also argued that the state’s insurance law does not grant the superintendent the authority to promulgate the regulation.

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