Seems like most of us thinking producers are of one mind – the politicians love to jump on something of no consequence in an attempt to convince the “public” that they want to protect them against “evil-
doers” like their insurance agents and brokers who, in truth, are the real protectors of the insurance buying public.
Good politics, but bad activities. I repeat – what other businesses or professionals are controlled by government on their income or “mark-up”?
It’s about time that SOME agent’s group has the fortitude and the rights of its members
to tell insurance regulators they have no legal authority whatever in licensing laws to control or regulation Producer income, or to dictate the publication of the commissions earned by agents or brokers. No insurance licensing statute or regulation in any state that I’m familiar with has any provision extending such authority to regulators – it was only the “Spitzer” interlude – misdirected as it was for political purposes – that even raised the issue.
Fight on! No other professional or licensee is required to reveal income.
Seems like most of us thinking producers are of one mind – the politicians love to jump on something of no consequence in an attempt to convince the “public” that they want to protect them against “evil-
doers” like their insurance agents and brokers who, in truth, are the real protectors of the insurance buying public.
Good politics, but bad activities. I repeat – what other businesses or professionals are controlled by government on their income or “mark-up”?
Good to see more brokers standing up against this UNFAIR regulation.
It’s about time that SOME agent’s group has the fortitude and the rights of its members
to tell insurance regulators they have no legal authority whatever in licensing laws to control or regulation Producer income, or to dictate the publication of the commissions earned by agents or brokers. No insurance licensing statute or regulation in any state that I’m familiar with has any provision extending such authority to regulators – it was only the “Spitzer” interlude – misdirected as it was for political purposes – that even raised the issue.
Fight on! No other professional or licensee is required to reveal income.
Let’s see here:
I purchased fuel today, the owner did not disclose how much he was paid on the fuel I purchased?
I purchased bagels at Brueggers they did not disclose the compensation of the profit on producing the bagel?
I am going to dinner tonight is the “99” restraunt hostess, waitress and chef going to disclose their compensation on the meals I purchase?
When does it end folks this is ridiculous.
I am glad they are joining the IIABNY. PIA is the one not fighting this. Kudos to both CIBGNY and Big I.
Where is Cumo and other AG’s suing jewelers for the 100% to 400% mark-up in jewelery, or the 40% to 200% mark-up by furniture stores on furniture?
They worry like made about our measlly 5% to 15% commission level.