The New York State Insurance Department and attorney general’s office will hold the first of three scheduled public hearings on insurance agents’ compensation arrangements on Monday in Buffalo.
The meetings, officials said, are a chance to gather testimony on different forms of compensation for insurance agents and brokers, as well as ways to discourage steering of insurance contracts to certain carriers.
The timing of the hearings will likely make them contentious. Several weeks ago, top state court ruled it was legal for an insurer to pay so-called contingent commissions, casting a new light on settlements reached years ago between many of the industry’s biggest brokers, insurers and regulators over the payment of contingent commissions and disclosure rules.
The hearing starts at 10 a.m. at the Buffalo & Erie County Public Library, 1 Lafayette Square. The other hearings are scheduled for July 23 in Albany and July 25 in Manhattan. The meetings will be broadcast online at www.totalwebcasting.com/live/nysins.
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