NY Proposes Insurance Broker Disclosure Rule

Law360, New York (February 6, 2009, 12:00 AM EST) -- In a move toward ensuring complete transparency of broker-insurer relationships, New York Insurance Superintendent Eric Dinallo has issued proposed regulations that would require brokers to disclose in writing how much compensation they receive from insurers.

Under the proposed rules announced Thursday by the New York State Insurance Department, New York insurance brokers would be required to describe for their clients the nature and amount of the compensation the broker receives from an insurer, as well as any business relationships the broker may have with the insurer....
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