The possible end of bans on contingent commissions and New York’s proposal of new rules on broker compensation could lead to national and state regulatory changes affecting insurance sales.
Insurance agent Lane S. Rubin is among the slate of officers recently elected to serve on the board of the Independent Insurance Agents & Brokers of New York, Inc.
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.