Boston–The National Association of Insurance Commissioners closed the door today on further tinkering to expand the reach of the broker compensation disclosure model amendment it approved late last year.
The current model amendment to the NAIC producer licensing model law requires disclosure by brokers of fee arrangements only when they are doubly compensated by both the insured and the insurer, or when brokers are said to "represent" the insured.
As a result of today's vote by the special Broker Compensation Committee, there will be no effort to expand the model to require disclosure by all producers, or even ban certain kinds of compensation.
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