On March 10, the New York State Insurance Department hosted a roundtable discussion between insurance carriers, brokers and commercial insurance buyers on the issue of producer compensation disclosure. During the discussion, the Society reiterated its position that all forms of broker compensation, both direct and indirect, should be disclosed in writing to the buyer. This will allow the buyer to evaluate all possible factors which may have influenced the broker’s recommendation. The Society will be providing formal comments on the Department’s proposed regulation by March 13.
Click here to read the complete draft of the proposed regulation. For more information on RIMS position on contract certainty, click here.