(DOWNLOAD) "Iiabny Votes to Hit Department with Lawsuit Targeting Producer Compensation Regulation: Article 78 Proceeding Aims to Stem Reg (Cover Story)" by Steve Acunto # Book PDF Kindle ePub Free
eBook details
- Title: Iiabny Votes to Hit Department with Lawsuit Targeting Producer Compensation Regulation: Article 78 Proceeding Aims to Stem Reg (Cover Story)
- Author : Steve Acunto
- Release Date : January 22, 2010
- Genre: Industries & Professions,Books,Business & Personal Finance,
- Pages : * pages
- Size : 70 KB
Description
"Our membership feels that the Producer Compensation Disclosure Regulation is an attack on their honesty and integrity. The majority of our membership are small business people. If we are not able to provide the proper coverage and pricing, our client can go down the block to find another agent or broker. We don't feel that there is a consumer need for mandated disclosure, and we find that the regulation is vague and will cause difficulty for agents and brokers to comply," said Lane Rubin, Chairman of the IIABNY, following the group's announcement of a lawsuit to undo the Producer Compensation Disclosure Regulation. The Independent Insurance Agents & Brokers of New York will proceed aggressively to stop the New York Insurance Department's Producer Compensation Disclosure regulation from taking effect. The final version of the Department's regulation, published in the February 10 edition of the New York State Register, requires insurance producers to disclose to their clients information about how insurance companies compensate them, from incentives and bonus commissions to trips and gifts and more. It is scheduled to take effect on January 1, 2011.
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