“Update on New York State Insurance Department Broker Compensation Hearings”
The New York State Insurance Department recently held hearings in Buffalo, Albany, and NewYork City to obtain the public’s input before proposing new regulations under Title 11 of the New York Code regarding broker compensation and disclosure requirements. The New York City hearing on July 25, 2008 was held at New York University and led by First Deputy Superintendent Kermitt Brooks. The panel also included officials from the New York State Attorney General’s Office. This Stroock Special Bulletin looks at some of the key questions discussed at the New York City hearing on how best to handle contingent compensation going forward.