The new regulation requires disclosure on all new policies the broker issues including policies written for an existing client which replace policies that the broker already writes for that client.
This regulation will lead to brokers discouraging smaller policies and will also lead to brokers not offering competitive bids on renewals.
Yes on renewals you don’t need to disclose but we are all in the business of selling insurance and this adds a major additional cost to quoting new and replacement policies. Insurance companies should be up in arms about this since we are being dicouraged from working on new policies for them.
When was the last time a personal lines insured asked you how much you made by quoting them their insurance?
I am puzzled because I have always known that insurance agents made a commission for selling insurance. My father (who was a steelworker) told me. Since I became an agent, no one has ever asked me how I get paid or by whom. I would hazard a guess that all of my customers know that I make a commission. Some have said something about commission as an off-the-wall comment when talking about how they have to work late and how much they appreciate our extended hours. I have told some customers what our commission is, and they said they would not work our hours for that amount. Many carriers post the fact that they pay a commission on their web site and on their insurance policies. What else could possibly be needed? Common sense tells me that most people already know how agents get paid.
I just came back from the video conference that was held between Buffalo, Albany and Brooklyn Workers Compensation Board locations. All the companies that were in these “Trusts ” are basically screwed.
Due to poor oversight by Workers Compensation of these trusts, companies like CRM are getting away
scott free and leaving 3,000 plus New York companies with a half a “BILLION “dollar bill. All of the member
companies that was fooled into these trusts are receiving bills of hundreds of thousands of dollars.
In some cases a million plus in bills. I asked the ” Forensic Auditor” how did this happen? He told us that
they were fooled because the “Trustees” accountant cooked the numbers to look like they were solvent.
I also asked if there is a criminal investigation of this fraud and he couldn’t comment at this time. But
he did add that Workers Compensation have an agreement with CRM not to ask for any discoveries at
this time. This way they can recover as much money as possible from CRM without them going bankrupt or
dragging it out for years in court where all the lawyer’s fees will eat what money is left. But in the mean time,
they want all the companies that were fooled into these trusts to pay up or have judgments against us.
Most of us companies can’t afford a sudden bill of hundreds of thousands of dollars. We are already hurting
really bad for so many reasons it would take too long to describe. But you kind people already know it’s hard to have a manufacturing company in the US these days and truly hard to run one in New York.
I told these people that this bill will put me under, I can’t possibly pay such a large amount. I lost over 400
thousand in last year’s economic mess and had to lay off half of my workers. I am still fighting to get my crew back and work back in my building. It breaks my heart because I see how my workers are struggling with reduced hours.
The New York politicians want to keep this quiet. Especially in an election year. They should be trying to create jobs
in New York. When New Yorkers find out they are “Cannibalizing” their own manufacturing base and putting good
honest companies in New York out of business to cover their misdeeds. They won’t get there sorry asses re-elected. They are trying to keep this hush-hush , so please spread the word. I’ve contacted many news outlets
and no one wants to cover this story. Amazing
I think this article is incorrect.
The new regulation requires disclosure on all new policies the broker issues including policies written for an existing client which replace policies that the broker already writes for that client.
This regulation will lead to brokers discouraging smaller policies and will also lead to brokers not offering competitive bids on renewals.
It’s not clear. You might be right in the effect the rule might have on quotes but the reg does say it shall not apply to renewals.
Yes on renewals you don’t need to disclose but we are all in the business of selling insurance and this adds a major additional cost to quoting new and replacement policies. Insurance companies should be up in arms about this since we are being dicouraged from working on new policies for them.
When was the last time a personal lines insured asked you how much you made by quoting them their insurance?
It’s disgusting this problem arises from a person like Spitzer. These type of people should never be placed in a position of power.
I am puzzled because I have always known that insurance agents made a commission for selling insurance. My father (who was a steelworker) told me. Since I became an agent, no one has ever asked me how I get paid or by whom. I would hazard a guess that all of my customers know that I make a commission. Some have said something about commission as an off-the-wall comment when talking about how they have to work late and how much they appreciate our extended hours. I have told some customers what our commission is, and they said they would not work our hours for that amount. Many carriers post the fact that they pay a commission on their web site and on their insurance policies. What else could possibly be needed? Common sense tells me that most people already know how agents get paid.
I just came back from the video conference that was held between Buffalo, Albany and Brooklyn Workers Compensation Board locations. All the companies that were in these “Trusts ” are basically screwed.
Due to poor oversight by Workers Compensation of these trusts, companies like CRM are getting away
scott free and leaving 3,000 plus New York companies with a half a “BILLION “dollar bill. All of the member
companies that was fooled into these trusts are receiving bills of hundreds of thousands of dollars.
In some cases a million plus in bills. I asked the ” Forensic Auditor” how did this happen? He told us that
they were fooled because the “Trustees” accountant cooked the numbers to look like they were solvent.
I also asked if there is a criminal investigation of this fraud and he couldn’t comment at this time. But
he did add that Workers Compensation have an agreement with CRM not to ask for any discoveries at
this time. This way they can recover as much money as possible from CRM without them going bankrupt or
dragging it out for years in court where all the lawyer’s fees will eat what money is left. But in the mean time,
they want all the companies that were fooled into these trusts to pay up or have judgments against us.
Most of us companies can’t afford a sudden bill of hundreds of thousands of dollars. We are already hurting
really bad for so many reasons it would take too long to describe. But you kind people already know it’s hard to have a manufacturing company in the US these days and truly hard to run one in New York.
I told these people that this bill will put me under, I can’t possibly pay such a large amount. I lost over 400
thousand in last year’s economic mess and had to lay off half of my workers. I am still fighting to get my crew back and work back in my building. It breaks my heart because I see how my workers are struggling with reduced hours.
The New York politicians want to keep this quiet. Especially in an election year. They should be trying to create jobs
in New York. When New Yorkers find out they are “Cannibalizing” their own manufacturing base and putting good
honest companies in New York out of business to cover their misdeeds. They won’t get there sorry asses re-elected. They are trying to keep this hush-hush , so please spread the word. I’ve contacted many news outlets
and no one wants to cover this story. Amazing