NU Online News Service, Sept. 22, 3:50 p.m. EDT
The Independent Insurance Agents & Brokers of New York said it will hold a series of information sessions for insurance producers to help prepare them for the state's disclosure regulation, scheduled to take effect Jan. 1.
The association said its first meeting took place today in Wading River, N.Y., with more than 50 agents and brokers. It was the first of eight meetings planned statewide to prepare producers for the controversial measure the association is fighting in court.
New York Insurance Regulation 194, Producer Compensation Transparency, requires producers to disclose certain information about their compensation to all clients. Should a client request more information, the regulation requires the producer to provide detailed information about compensation for the policy sold and the compensation that would have been received had the client chosen a different policy.
IIABNY and the Council of Insurance Brokers of Greater New York are opposed to the new rule and have taken the New York State Insurance Department to court over the matter. They claim the disclosure rules are burdensome for producers and of little benefit to consumers.
IIABNY said the legal dispute might not be settled before Jan. 1, and the association is reaching out to producers across the state to prepare them for the possibility that they may have to comply.
"Producers need help understanding this vague and cumbersome regulation," said IIABNY President and Chief Executive Officer Richard A. Poppa. "We feel the best approach is for us to meet with them in person, give them all the information that we have, and answer their questions as best we can."
The sessions will take place:
o Sept. 22 at Rochester Insurance Day, Rochester, N.Y.
o Sept. 30 in Great Neck, N.Y.
o Oct. 6 in Amherst, N.Y.
o Oct. 19 in Albany, N.Y.
o Oct. 27 in Tarrytown, N.Y.
o Nov. 9 in Pittsford, N.Y.
o Nov. 11 at Binghamton Insurance Day in Binghamton, N.Y.
IIABNY said it also plans a webinar, scheduled for Nov. 2.
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