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 Professional Insurance Agents of New York State Inc. said among the legislative items it will focus on in 2010 are issues involving coastal homeowners' insurance availability, producer compensation disclosure and auto insurance fraud.
New York Gov. David A. Paterson's call for reviving the New York Insurance Exchange has met with generally positive reviews with some agent associations saying they would welcome participating in the process.
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.
The Professional Insurance Agents of New York announced they will hold their annual Metropolitan Regional Awareness Program Jan. 28 at the New York Marriott in Brooklyn, N.Y.
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.
New York State's top insurance regulator has told insurance executives that upholding the public's right to know requires new rules for disclosure of agent compensation.