New Jersey Agents: Allow Fees for Some Commercial-Lines Services

A trade group for New Jersey Insurance Agents is applauding proposal that would let agents collect fees from commercial-lines clients for some specialized services.

The Professional Insurance Agents of New Jersey (PIANJ) said the move will allow agents to be “compensated appropriately” for additional services they provide.

Current rules prohibit agents from collecting fees for any additional services they perform while acting as an agent, but the Department of Banking and Insurance has recently proposed dropping those rules.

PIANJ says the change would permit agents to perform more specialized services, such as advisory or other professional services.

Commenting on the proposal, PIANJ President Gary C. Rygiel said: “Why should we impede the ability to give customers the support they desire?”