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Industry Spotlight > Broker Dealers

Spitzer Meets With Commissioners

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Insurance regulators are deciding what they still want to know about broker compensation.[@@]

Diane Koken, president of the National Association of Insurance Commissioners, Kansas City, Mo., says commissioners recently met with New York Attorney General Eliot Spitzer to discuss the recent settlement agreement with Marsh & McLennan Companies Inc., New York, and related issues.

Koken, the Pennsylvania insurance commissioner, is not giving any details about the discussion.

In related news, Koken says an NAIC task force is developing a list of about 6 questions that will be used to evaluate the NAIC’s amended producer licensing model law.

The NAIC changed the law in December 2004 in response to the broker compensation controversy.

The task force wants to use its list of questions, which should be ready early next week, to spark discussion March 14 during a public hearing in Salt Lake City, Koken says.

The NAIC still is analyzing companies’ responses to a recent NAIC broker comp survey, Koken says.

The NAIC hopes to use the survey data and the hearing testimony to determine whether the NAIC should make more changes to the producer licensing model, Koken says.