NU Online News Service, May 20, 3:15 p.m.EDT--Mark J. Hagan, the newly elected chairman of theIndependent Insurance Agents & Brokers of New York (IIABNY),said the group will work with regulators on the issue of increasingagent disclosure of compensation to policyholders.
|According to an IIABNY announcement, Mr. Hagan, president of thePerry & Carroll agency in Elmira, N.Y., said that theorganization would cooperate with insurers, state legislators andthe state Insurance Department "toward facilitating transparency indisclosing compensation as a practical business practice among itsmembership."
|The New York Insurance Department is currently evaluatingpossible regulations for disclosure of agents and brokerscompensation agreements including incentive fees paid byinsurers.
|At the IIABNY annual meeting May 6 in Syracuse, N.Y., New YorkDeputy Superintendent of Insurance Peter Molinaro, answering aquestion as to whether fee disclosure could be spot-checked withmarket conduct surveys, told the group the department believes itneeds a more comprehensive form of regulation.
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