The deadline is a few days away for IIABNY to file its article 78 proceeding challenging the Insurance Departments authority to enact Regulation 194, as we go to press. The Association has been joined in its suit by the CIBGNY This is one of the most significant issues facing independent insurance agents in some years and has caused anxiety to rise and agents communications to be stepped up among Associations and at gatherings all across New York. On a national level, Reg. 194 is seen as a precedent setting enactment, supported as it is by RIMS and by certain large brokerage operations who wish to enact a form of transparency that is inimical to some, manna to others. The sentiments are very strong on both sides and on the part of the Insurance Department, too, which has pursued this regulation for some time. According to a spokesman of the Independent Insurance Agents and Brokers of New York, they are working hard to meet the deadline and anticipate filing sometime before the May 25th, in accordance with the four month window offered to petitioners in Article 78 proceedings. Meanwhile, as the clock ticks IIABNY and PIANY are pursuing parallel strategies with respect to addressing the contents of Reg. 194. While IIABNYs suit would be an absolute undoing of the regulation or at least a serious clamping of it, the refinements sought by both Associations would provide a form of relief by defanging certain provisions. Here is a synopsis of what each Association is seeking to do. S.A.
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