Agency Management

The New York Insurance Department, in advance of releasing its new disclosure rules for the state's agents and brokers tomorrow, announced that they are fair to producers while protecting consumers.

An Illinois law that set caps on medical malpractice awards for "pain and suffering" has been ruled unconstitutional by the state's high court, which found legislators had overreached in attempting to restrict the judicial process.

Insurance broker Aon Corp. reported fourth-quarter net income rose $204 million despite the challenges from the continuing soft market and economic recession.

A New York independent agent's association said last week that it plans to make good on a prior threat to file a lawsuit to block Empire State regulators from implementing new producer disclosure compensation rules.

The Independent Insurance Agents and Brokers of New York (IIABNY) said its negotiations with the New York State Insurance Department have resulted in some revisions to a proposed producer compensation disclosure rule.

National Underwriter is seeking entries for its fourth annual "Award For Excellence In Workers' Compensation Risk Management," sponsored by the National Council on Compensation Insurance.