(DOWNLOAD) "Dept. Promulgates Producer Compensation Disclosure Reg (Around New York)" by Peter Molinaro # eBook PDF Kindle ePub Free

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eBook details

Title: Dept. Promulgates Producer Compensation Disclosure Reg (Around New York)
Author : Peter Molinaro
Release Date : January 22, 2010
Genre: Industries & Professions,Books,Business & Personal Finance,
Pages : * pages
Size : 60 KB

Description

The long battle between the New York Insurance Department and large segments of the insurance industry surrounding producer disclosure of compensation has reached its final stage as the Department announced that its regulation, over 18 months in the making, was officially promulgated last week. In the Department's view, the regulation is designed to provide transparency by requiring brokers and agents to describe to consumers their role in the transaction and how they get paid. Further, the agent or broker then has to provide a more detailed statement about compensation, if the consumer requests it. "This regulation will provide New Yorkers buying insurance with an important tool to use in making an informed decision," said Superintendent James J. Wrynn. "Almost everyone buys insurance at some point, and in these difficult economic times, consumers should understand any incentives that may potentially affect the recommendations from their agents or brokers."