East News
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New York Eases Compensation Disclosure Mandate for Producers
East News • July 10, 2009
The New York State Insurance Department this week released a new draft of a rule governing when and how insurance producers must disclose their compensation and competing quotes to customers.
The ...
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| Subject | Posted By | Posted On |
|---|---|---|
| Compensation Disclosure | Puzzled | Jul 23, 2009, 9:45 am |
| Spitzer | Rick | Jul 13, 2009, 8:54 am |
| RE: RE: Compensation Disclosure | End result | Jul 10, 2009, 6:29 pm |
| RE: Compensation Disclosure | alex | Jul 10, 2009, 2:22 pm |
| Compensation Disclosure | End result | Jul 10, 2009, 2:03 pm |
| Back to article | ||
Subject: Compensation Disclosure
The new regulation requires disclosure on all new policies the broker issues including policies written for an existing client which replace policies that the broker already writes for that client.
This regulation will lead to brokers discouraging smaller policies and will also lead to brokers not offering competitive bids on renewals.