Two insurance groups have filed an appeal with the New York Supreme court regarding a decision regarding the state’s new broker disclosure rule. The rule, New York Insurance Regulation 194, requires insurers to inform policyholders on how policies are paid out even if such information is not requested. Several other states have similar rules, much to the chagrin of the insurance industry that often withholds information it deems arbitrary. The two insurance groups are looking to have the rule revoked. The Independent Insurance Agents & Brokers of New York and…
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New legislation seeks to protect agency role in health coverage
With states making moves toward establishing health insurance exchanges, the role of agents has been a subject of debate – specifically whether they will still be necessary. In New York, new legislation has been introduced that will protect the role of insurance agents and brokers. The state is one of the leaders in pioneering insurance exchanges, but has not forgotten the importance of independent insurance agents. The bill guarantees that agents will continue to play their part parallel to the state’s exchange program. The bill was introduced by Senators James…
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