When the New York Insurance Department submitted its proposed Producer Compensation Transparency Regulation to the Governors Office of Regulatory Reform (GORR) for review last week, the heat turned up in several quarters. The proposed regulation requires insurance producers to underline to consumers their right to request an accounting of the compensation paid to producers for the sale or service of insurance. After approval by GORR, the proposed regulation will be published in the New York Register, followed by a 45-day formal public comment period. After reviewing any comments received, the Department may adopt, revise or withdraw the proposed regulation....
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