NY Court Upholds Insurance Broker Compensation Rule

Law360, New York (March 8, 2012, 6:35 PM EST) -- A New York appeals court on Thursday upheld a state regulation requiring insurance brokers to disclose any contingent compensation agreements, saying the state's insurance department was within its power to issue the rule in an attempt to boost transparency.

The appeals court affirmed the November 2010 decision of an Albany court that dismissed the Independent Insurance Agents & Brokers of New York Inc.’s challenge to the Producer Compensation Transparency regulation, issued by the New York Insurance Department in January 2010.

The appeals court said the rule...
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