Close to four years after the New York Department of Insurance proposed its disclosure rule for producer compensation, a risk-management association and an independent-agents group remain at odds over the implications of Regulation 194, issuing dueling statements over its impact.
A New York state appellate court panel today upheld a lower court decision dismissing an appeal by New York property and casualty insurance agents of a rule requiring agents to make greater discloser of their compensation.
Agent satisfaction with their carrier partners shows little change from last year and regional carriers would appear to be doing a better job with agents than the national carriers, according to an agents association survey.
Building contractors run into problems doing business in New York City after June 13 when a new set of insurance requirements is scheduled to take effect, says an independent agent group.
The Independent Insurance Agents & Brokers of New York reports it will file its appeal of a court decision upholding Regulation 194 in the next several weeks.
Christopher A. Brassard was named the new chairman of the Independent Insurance Agents & Brokers of New York, Inc., along with other officials at its recent annual meeting.