New York Insurance Department and AG announce compensation/disclosure hearings; PIA to testify
The New York State Superintendent of Insurance and Attorney General have announced they will hold joint public hearings on disclosure of producer compensation and on contingent commissions throughout the state. Three public hearings are scheduled for the following dates: July 14 in Buffalo; July 23 in Albany; and July 25 in New York City.
In 2004, the state attorney general’s office prosecuted large brokers for bid rigging and steering business. PIA condemned those practices and applauded the attorney general for its rigorous prosecution of those illegal acts.
The PIA stated that it supports time-tested laws to protect consumers against anti-competitive market manipulation. The association will continue to engage in a constructive dialogue with the Department to forward its mutual goal of benefiting New York State’s insurance-buying public and the hardworking, legitimate businesses of professional independent insurance producers that support our state’s economy.
Source: Source: PIANY | Published on July 1, 2008
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