NU Online News Service, May 20, 3:15 p.m. EDT--Mark J. Hagan, the newly elected chairman of the Independent Insurance Agents & Brokers of New York (IIABNY), said the group will work with regulators on the issue of increasing agent disclosure of compensation to policyholders.
According to an IIABNY announcement, Mr. Hagan, president of the Perry & Carroll agency in Elmira, N.Y., said that the organization would cooperate with insurers, state legislators and the state Insurance Department "toward facilitating transparency in disclosing compensation as a practical business practice among its membership."
The New York Insurance Department is currently evaluating possible regulations for disclosure of agents and brokers compensation agreements including incentive fees paid by insurers.
At the IIABNY annual meeting May 6 in Syracuse, N.Y., New York Deputy Superintendent of Insurance Peter Molinaro, answering a question as to whether fee disclosure could be spot-checked with market conduct surveys, told the group the department believes it needs a more comprehensive form of regulation.
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