NAIC Approves Disclosure Rules
State regulators adopted new producer compensation disclosure requirements as the year closed last week, but at least one major agent/broker group contends the proposal needs more work before being voted into law by state legislatures around the country.
The National Association of Insurance Commissioners, responding to allegations of broker bid-rigging and contingency fee abuse leveled by New York Attorney General Eliot Spitzer and others, voted 31-15 during a Dec. 29 conference call to adopt the majority of the proposed compensation disclosure amendments to the groups model producer licensing act.
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