Posted on 31 Dec 2008
According to the PIANY, the New York State Insurance Department (NYSID) is preparing to move forward with proposed regulation promoting client disclosure on producer compensation. PIA was told on Tuesday that a “streamlined” draft of the proposal, requiring disclosure is being reviewed internally at the NYSID, which expects to present the draft regulation during a public-comment period early in the new year.
In developing the final proposal, the NYSID is expected to reach out to insurers, insurance trade groups and other interested parties. The NYSID will submit the proposed regulation through a formal proposal process, which includes publication in the New York State Register and a formal 45-day comment period for written comments. Additionally, the opportunity still exists for the establishment of working groups to further refine the proposal.
PIA will report information on this issue as it becomes available.