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New York Insurance Department Modifies Agent Disclosure Rule
(2/2/2010)
Citing concerns raised by PIA of New York, Insurance Superintendent James J. Wrynn indicated that New York’s controversial proposal for producer compensation regulations will be modified to make it easier for agents to fulfill the requirements... Full Story
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Marsh Settles Lawsuits for $400 Million, Admits No Wrongdoing
(11/17/2009)
Insurance broker Marsh & McLennan Cos. Inc. will pay $400 million as part of a class action settlement filed five years ago by state pension plan administrators in New Jersey and Ohio in connection with a probe of the company’s acceptance of contingent commissions... Full Story
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Mega-Brokers Want Contingent Commissions Reinstated, Talks Underway
(9/22/2009)
Regulators are conducting negotiations to revise, or even lift, the 2005 ban on contingent commissions for the three largest brokers as measured by revenue, according to a report in The Wall Street Journal... Full Story
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Improvements Made to Proposed Disclosure Rule in New York
(9/15/2009)
Changes to a proposed New York producer compensation disclosure regulation have improved the rule in part, according to PIA... Full Story
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Gallagher Reaches Deal to Accept Contingent Commissions
(8/4/2009)
Arthur J. Gallagher & Co., the fourth-biggest insurance broker in the United States, says it has reached a nationwide agreement with Illinois regulators releasing it from contingent commission prohibitions... Full Story
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PIA of New York Advocates for More Changes to Disclosure Rule
(7/29/2009)
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... Full Story
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In New York, Insurance Department Softens Stance on Disclosure Rule
(7/15/2009)
The New York Insurance Department softened its stance on mandatory producer compensation disclosure last week, proposing revised regulations that would require disclosure only when requested by clients... Full Story
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Compensation Disclosure Issue Reemerges in NY
(2/10/2009)
The New York State Insurance Department is distributing a “discussion draft” of a proposed regulation under which insurance producers would be required to describe for their clients the nature and amount of the compensation they receive, along with any business relationships they may have with the insurer... Full Story
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