SENATOR URGES RESTRAINT ON BROKER SCANDAL:

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.”

Topics Agencies New York