Making the case for common sense disclosure rules, the Independent Insurance Agents & Brokers of New York met Tuesday with officials of the New York Insurance Department.
The meeting at the department’s Beaver Street offices in New York City centered around the second draft of a regulation that would require insurance producers to disclose to their clients information about how they are compensated. The department’s second draft, released on July 8, made several changes to the draft issued in January.
New York’s oldest producer trade organization was represented by Chair of the Board Lane Rubin and Past Chair Mark Hagan. Rubin is managing member of Excel Coverage Group LLC in Westbury; Hagan is president of Perry & Carroll Inc. in Elmira. IIABNY president and CEO Richard Poppa, and legislative representative Michael Barrett also attended.
Representatives of the Professional Insurance Agents of New York, the New York Insurance Association, the Council of Insurance Agents & Brokers, the Independent Insurance Agents & Brokers of America, and the Council of Insurance Brokers of Greater New York attended the meeting as well.
The meeting was IIABNY’s second with the department since the release of the first draft. The group discussed its concerns pertaining to the required description of a producer’s role in the insurance sales process, the amount of detail to be included in the disclosure of alternative quotes, and the rule’s application to different types of insurance salespeople.
“We are pleased that the department has again sought our input on the proposed rules,” Rubin said. “We had a substantive discussion about the problems we see with the new draft, and we look forward to providing our written response to them within the timeframe they have set.”
The department is accepting comments on the second draft until July 29. It has not announced a deadline for publishing the regulation as a formal proposal.
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