N.Y. Bill Seeks Fiduciary Duty on Producers, Permits Profit Sharing with Disclosure

March 2, 2005

  • March 3, 2005 at 9:01 am
    Karben Constituent says:
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    Sent Karben an e-mail that I would appreciate his support in getting rid of Labor Law 240 and 241 as it was really hurting the residential homebuilding business in NY STate and received e-mail back that he was too busy to respond to e-mails, I guess he was too busy working on these bills!! They are utterly rediculous!!

  • March 3, 2005 at 2:37 am
    NY Agent/Broker says:
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    I think Mr. Karben should be more concerned with the fact that we hardworking NYS agents anad brokers have to handle NY State Insurance Fund Workers Comp policies for NO COMMISSION whatsover! The legislature needs to pass a law to build in a commission so we taxpaying, hardworking professional agents/brokers can get paid for that work as part of the employers premium. We’ll be happy to disclose that to the policyholders – but hey – get off the stick already – who else works for nothing! Until that happens I think the SIF should be forced to disclose in bold letters to their policyholders that their “representive” gets paid NOTHING by the New York State Fund – and never has (since 1914). Thank you, NYS!!

  • March 3, 2005 at 3:00 am
    Age Old says:
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    Maybe there should be a bill to see where all these rats in politics are getting funding from? You know most of their contributions are illegal. This guy will be voted out of office.

  • March 3, 2005 at 5:05 am
    Your Bond Source says:
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    Why stop here? Let us charge for our expenses, lawyers get $1.00 a page to photocopy, $500/hr for conversation.

    If this or any similar bill is brought to the floors, it had best also state that in this disclosure it would be illegal for any agent/broker to rebate / pay to the client any portion of the premium, commission or other compensation. This would then prevent the client from making the same demands for payment from us.

    More importantly – when will all this madness stop? There are a few bad apples – where is the Insurance Department when it comes to weeding these people and companies out? Let us make a fair living. With greater legislation and documentation come greater expenses for us at a time when the companies are reducing commissions and premiums are falling.

    What we need are fewer laws. Maybe we can go back in time when people’s word was their bond, when a handshake was meaningful. Instead we legislate ourselves out of business. It is time the legislators/lawyers took a deep breath and began acting responsibly.

  • March 3, 2005 at 5:28 am
    Jack J Maniscalco says:
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    What is the best quote? If I get a CHEAPER quote from a company that gives crappy service, am I obligated to present that to my client? I am obligated to put the screws to my client because some DO NOTHING NYS Legislator says I must?

    If these people would EVER do the job they have been elected to do, I might take them seriously.

    Reform 240 and 241. PASS THE BUDGET!!!!!!

  • March 4, 2005 at 7:55 am
    Age Old says:
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    Could you post his email address, Id like to write him as well, thank you.

  • March 4, 2005 at 4:32 am
    another NY agent/broker says:
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    I will not only email him, but I will post his response (or lack of response) in a letter to the editor of my local newspapers. Please post his email address.

  • March 8, 2005 at 8:48 am
    f. michael conte says:
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    I would like to get support for a bill d that would make it mandatory for every elected official to display whenever he or she speaks publicly a poster which lists ALL of their income, from every source, for example how much they accept for committee participation, and a list of their top ten contributors, in addition to their salary and travel reimbursement.

    This would then allow full disclosure and also allow the audience to better understand who is paying for this point of view.

  • March 8, 2005 at 9:35 am
    Larry says:
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    Here, here, F. Michael. That is a terrific suggestion, but one I fear that will never pass. Politicians are big on making others do what they themselves would never do.

    Pity they can be such hypocrites.

  • March 21, 2006 at 8:23 am
    Saratoga says:
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    Karben\’s bill is nonsense. More regulation precipitated by Spitzer\’s witch-hunt, chariot-driving push towards the Governor\’s office on the backs of hard working New Yorkers.



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