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PIA of New York Meets Again With NYSID on Compensation Rule

PIA of New York believes state regulators will make some producer compensation guidance language changes after a meeting was held to discuss a draft circular...
September 8, 2010

PIA of New York believes state regulators will make some producer compensation guidance language changes after a meeting was held to discuss a draft circular letter on a planned compensation disclosure regulation. On Thursday, August 26, PIANY met with the New York State Insurance Department to discuss the NYSID's draft circular letter on producer compensation disclosure. While reiterating its long-standing opposition to the regulation, PIA delivered specific draft language changes to the department's draft circular letter reflecting member concerns. PIANY Executive Vice President Diane Fowler said her understanding is that the department was "very receptive" to concerns the agent group raised. She added that she believes the department will incorporate some of the changes PIANY supports.

These latest developments are the most recent in a series of successes PIA has made toward mitigating the potentially burdensome and confusing provisions of the regulation in New York. Earlier this summer, PIANY-drafted primary disclosure language received formal approval from the NYSID.

Click here to read PIANY, NYSID Make Progress on Draft Circular Letter (PIANY 8/30/10)