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N.Y. Agent Group Fires Back At Dept. Over Producer Comp Suit

A New York agents' association defended its lawsuit opposing a producer compensation regulation after a New York State Insurance Department representative questioned the group's motive in opposing disclosure and asked what the association has to hide.

By Caroline McDonald | Updated on May 27, 2010

NU Online News Service, May 28, 11:55 a.m. EDT

A New York agents’ association defended its lawsuit opposing a producer compensation regulation after a New York State Insurance Department representative questioned the group’s motive in opposing disclosure and asked what the association has to hide.

Tim Dodge, director of public relations for the Independent Insurance Agents and Brokers of New York (IIABNY), said, “[Matthew Gaul, deputy superintendent for the department], wonders what we ‘have to hide.’ I think the Insurance Department knows that we don’t have anything to hide, and we’ve been very clear for years now that agents and brokers should be prepared to voluntarily disclose the nature of their compensation.

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