Two insurance industry groups, representing tens of thousands of agents and brokers in New York, are collaborating on a legal challenge to a new compensation disclosure rule.
A trio of associations representing New York insurance agents has generated more than 7,300 messages from its members in opposition to a proposed broker compensation rule.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.