New York State Senate Insurance Committee Chairman James Seward (R-Milford) told the Professional Insurance Wholesalers Association Inc. that New York policymakers should employ restraint as they look at “what, if anything” should be done to address the practices uncovered recently at some large national brokerages. Seward said that he understands the difference between large brokerage operations and the typical “Main-Street” agent, and that he is confident much of the New York State Senate does also. “The action of a few mega-brokers doesn’t speak for a need to have broad-based regulatory change,” Seward said. “Whatever is done legislatively, if anything, shouldn’t be disruptive to an otherwise well-functioning market.”
Was this article valuable?
Here are more articles you may enjoy.
Record-Low Danube Water Levels Leave Boats Beached, Reveal Decades-Old Shipwrecks 
Zurich CEO Says Staff Let Go as Regulator Finma Imposes Partial Sales Ban 
American Family to Acquire Bowhead Specialty in $1.2B Cash Deal 
Former Insurance Agent Sentenced to Jail for Fraud, Again From This Issue
