Broker Group To Challenge New NY Disclosure Rule

Law360, New York (February 11, 2010, 2:45 PM EST) -- An insurance producer trade group said it plans to take legal action to halt a New York state regulation requiring brokers to disclose to consumers whether they are getting paid for selling certain insurance products.

A spokesman for the Independent Insurance Agents & Brokers of New York said Wednesday that the group plans to launch an administrative proceeding under Article 78 of the state's Civil Practice Law and Rules.

The trade group said in a statement that the regulation places undue burden on its members. It...
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