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Garamendi, IBA West Coming To Terms On Broker Issues

California Insurance Commissioner John Garamendi said on Wednesday that he will delay developing new regulations imposing fiduciary duties and disclosure obligations on agents and ...

By Matt Brady | Updated on March 18, 2005

California Insurance Commissioner John Garamendi said on Wednesday that he will delay developing new regulations imposing fiduciary duties and disclosure obligations on agents and brokers in the wake of guidelines unveiled by the Insurance Brokers and Agents of the West.

“We have been working with IBA West and others in the insurance industry to encourage changes in the practices of agents and brokers that will prevent steering and bid-rigging,” Mr. Garamendi said. “We have also stressed the obligation that all insurance professionals have to fully disclose any manner in which their compensation might influence the recommendations they provide to their customers.”

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