A New York state agents association has asked the state's insurance department to make any mandatory producer compensation disclosure regulation more general in nature to avoid forcing agents to disclose information they may not have.
In a meeting with the department, representatives from the Independent Insurance Agents and Brokers of New York (IIABNY), led by Chairman Neal L. Sullivan, raised some concerns about the department's Jan. 29 draft regulation on producer compensation transparency.
Jill Muratori, legislative representative for IIABNY, said the association believes the draft regulation is too specific, and explained that certain requirements would be "difficult or impossible for a producer to do."
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