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The Independent Insurance Agents and Brokers of New York said its negotiations with the New York State Insurance Department have resulted in some revisions to a proposed producer compensation disclosure rule.

Insurance industry representatives told a key legislator that higher penalties for auto accident fraud and greater use of claims arbitration is essential to stabilize New York's no-fault system.

Controversial compensation disclosure rules proposed by the New York State Insurance Department could still spark a lawsuit if that agency fails to make changes, an agent group said.

The Independent Insurance Agents and Brokers of New York said the top issues on their legislative agenda this year are opposition to proposed producer disclosure regulations and changes to the state's workers' compensation system.

The debate over whether the major brokerages should be allowed to earn contingency fees for delivering a certain volume or quality of business to carriers raged anew this year after Illinois eased restrictions over the practice.

Four consumer groups are blasting the Independent Insurance Agents and Brokers of New York for their threat to sue the state insurance department over proposed compensation disclosure regulations.

Four consumer groups blasted the Independent Insurance Agents & Brokers of New York for their threat to sue the New York State Insurance Department over proposed compensation disclosure regulations.

The Independent Insurance Agents & Brokers of New York has threatened legal action against the New York State Insurance Department over a proposed producer compensation rule it posted.