Two insurance trade groups in New York filed a formal appeal of the New York Supreme Court Appellate Division’s decision upholding the state insurance department’s new broker disclosure rule.

Two insurance trade groups in New York have filed notice indicating they will appeal the New York Supreme Court Appellate Division’s decision upholding the state insurance department’s broker disclosure rule.

The New York State Insurance Department’s clarifications to its new rules on broker disclosure has “underwhelmed’ the Independent Insurance Agents & Brokers of New York.

A trade group representing 1,800 independent insurance agencies in New York said it worries about how the state’s proposed broker disclosure rule might apply to out-of-state insurance agents.

Two insurance trade groups jointly filed suit May 25 against the New York State Insurance Department asking the New York State Supreme Court to halt implementation of a new broker compensation disclosure rule.

While it plans legal action to stop a proposed producer compensation disclosure rule, the Independent Insurance Agents & Brokers of New York is still offering its suggestions to state regulators to aid its members.

Choosing to help craft a new compensation disclosure rule in New York with regulators versus fighting it in a courtroom, a state agents’ group said it had a “highly productive” meeting on the matter recently.

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 collection of insurance industry trade groups expressed their concerns to New York regulators about potential confusion caused by provisions in the new proposed agent disclosure requirements.

Representatives of the Independent …  Read →