On July 21, PIA of New York President D. Scott Liebert, CIC, and President-elect Kevin Ryan, CIC, met with officials of the New York State Insurance Department to seek further changes to proposed new rules governing disclosure of producers’ roles and compensation in insurance transactions. PIANY and other property/casualty trade groups took part in reviewing the latest draft regulation. PIANY members have contributed to the effort throughout this process by providing practical feedback on the most onerous aspects of the two proposals. Interested parties have until July 29 to comment on the revised rule. The department hopes to go into formal administrative proceedings in August.

N.Y. Agents Plead Case for “Common Sense” Disclosure Rules (Insurance Journal 7/22/09)

July 29, 2009