New York insurance companies’ performance improved in the last year, although companies were rated lower for how fairly they pay producers, a new survey of agents shows.
New York’s insurance department has submitted new rules on producer compensation transparency to the governor’s office, moving it one step closer to becoming regulation.
New York agents’ say they are pleased with property-casualty carriers of all sizes, but showed the most approval for super regional companies, according to a new survey.
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.