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.

New York Insurance Department Superintendent James J. Wrynn is scheduled to deliver the keynote address at the New York Insurance Association’s 2010 annual conference.

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.

Wells Fargo says it plans to appeal a Connecticut court ruling against its insurance brokerage, Acordia, regarding improper disclosure of contingent commissions.

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.

After three years with the New York State Insurance Department, Robert H. Easton will join insurance brokerage and risk management firm Integro.

The Professional Insurance Agents chapter in New York has decided not to participate in a threatened suit over New York’s new broker disclosure rules.

While other brokerages recently reauthorized to accept contingent commissions in a multi-state agreement have rejected the payments, Marsh has announced that it will reject the practice in some instances, but permit it in others.