New York state officials plan to hold 3 fact-finding hearings on agent and broker compensation arrangements this month, officials say.
The New York State Insurance Department and state Attorney General Andrew Cuomo will hold joint hearings July 14 in Buffalo, July 13 in Albany and July 25 in Manhattan.
The hearings will cover contingent and supplemental commissions, producer compensation disclosure, and deceptive or anti-competitive practices, according to New York insurance regulators.
The hearings stem from 2004 investigations into allegations that some insurance brokerage firms may have steered contracts to favored insurers in exchange for contingent commission payments, without disclosing the contingent commissions to clients, officials say.
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The hearings are designed to get the views of all interested parties on the proposed addition of a regulation that would govern broker compensation and disclosure, officials say.