Four consumer groups are blasting the Independent Insurance Agents and Brokers of New York for their threat to sue the state insurance department over proposed compensation disclosure regulations.
The Center for Economic Justice, the Consumer Federation of America, the New York Public Interest Research Group and Consumers Union released a statement admonishing the agent association for threatening to take legal action when the department is attempting a good-faith effort to make producer compensation arrangements transparent.
The department has published proposed Regulation No. 194, which sets out rules for agents and brokers to disclose to their clients their compensation arrangements with insurers and explain their relationship to their carriers.
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