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ALBANY, N.Y—Two New York insurance agent and broker groups on Thursday appealed a judge's decision upholding a state regulation that requires producers to disclose incentive compensation they receive.
The Independent Insurance Agents & Brokers of New York and the Council of Insurance Brokers of Greater New York filed the appeal with the New York State Supreme Court Appellate Division, Third Department in Albany.
They seek to overturn New York State Supreme Court Judge Richard M. Platkin's November decision that upheld the state insurance department's authority to promulgate New York Insurance Regulation 194.
The regulation, which took effect Jan. 1, requires producers to disclose the incentive commissions they receive from insurers and other third parties. Further information about the nature, amount and source of compensation must be disclosed to clients upon request.
The two producer groups have consistently opposed the regulation, holding that it is arbitrary and imposes significant compliance costs on their members. In addition, they argue that the New York State Insurance Department does not have the power to promulgate the regulation.
After the trial court rejected those arguments last year, the groups filed a notice of appeal, which preserved their right to appeal.
“We still believe that the Insurance Department exceeded its authority by issuing this burdensome, unnecessary regulation,” IIABNY board Chairman Christopher A. Brassard, said in a statement announcing the appeal. “Regulation 194 places unprecedented obligations on law-abiding insurance producers, and it provides no additional benefit to consumers. We fully expect to prevail after the appellate court hears our arguments.”
ALBANY, N.Y.—Agent and broker groups are considering what steps to take now that a New York state court has upheld rules that will require producers to disclose incentive commissions they receive from insurers and other third parties.