NU Online News Service, May 10, 3:00 p.m. EDT--The chairman of the New York State Senate Insurance Committee has told a group of insurance brokers he believes the misdeeds of large commercial brokers are not a reason for additional regulation of Main Street agents.
Sen. James Seward, R-Milford, made his comments last week at a meeting of the Professional Insurance Wholesalers Association Inc.
Little, "if anything," should be done in terms of legislation for the state's insurance brokers and agents to address bid-rigging and contingent fee abuses by large commercial brokerages that have been uncovered by New York Attorney General Eliot Spitzer, Mr. Seward said.
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