The end result is that this is much more than just disclosing compensation which agents have no probelm doing if a client request such information. Most agents and brokers have had such a policy of voluntary disclosure for years. Customers choose their agent or broker based on trust, reputation and other factors and not just price and compensation. This regulation is not being requested by the public but by others in Albany who think its necessary when it really is not. I do not see any benfit of such regulation other than making it harder for small businesses to succeed in New York.
These agent/broker disclosure rules are the biggest batch of BS I’ve seen in a while. I love that we brokers have to pass off the wholesale broker fees and policy fees on excess lines business, and explain that crap to the insureds. Now we have to disclose that we earn commissions when writing policies? No s..t! How about all the direct writers out there. How about disclosing that we get paid nada on NYSIF business. Why don’t life & health agents and GAs also fall into these disclosure rules?
The end result is that this is much more than just disclosing compensation which agents have no probelm doing if a client request such information. Most agents and brokers have had such a policy of voluntary disclosure for years. Customers choose their agent or broker based on trust, reputation and other factors and not just price and compensation. This regulation is not being requested by the public but by others in Albany who think its necessary when it really is not. I do not see any benfit of such regulation other than making it harder for small businesses to succeed in New York.
These agent/broker disclosure rules are the biggest batch of BS I’ve seen in a while. I love that we brokers have to pass off the wholesale broker fees and policy fees on excess lines business, and explain that crap to the insureds. Now we have to disclose that we earn commissions when writing policies? No s..t! How about all the direct writers out there. How about disclosing that we get paid nada on NYSIF business. Why don’t life & health agents and GAs also fall into these disclosure rules?