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IIABNY Will Engage Dept. On Disclosure Rule Despite Snub

A New York agent association said it will continue to provide input to the state insurance department despite being excluded from groups that received a circular letter draft on the state's planned producer compensation regulation.

By Phil Gusman | Updated on August 17, 2010

NU Online News Service, Aug. 18, 3:55 p.m. EDT

A New York agent association said it will continue to provide input to the state insurance department despite being excluded from groups that received a circular letter draft on the state’s planned producer compensation regulation.

The department distributed to agent groups an advance copy of a draft circular letter designed to clarify how its regulation requiring compensation disclosure to clients, scheduled to take effect Jan. 1, 201, will be implemented. But left off the distribution list were the Independent Insurance Agents and Brokers of New York (IIABNY) and the Council of Insurance Brokers of Greater New York (CIBGNY).

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