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Online Resource Center on Agent/Broker Issues
NAMIC Online News Coverage
AIG Announces Settlements with Federal and New York Authorities and General Insurance Reserve Charge
(2/9/2006) - (AIG) announced Thursday that it has reached a resolution of claims and matters under investigation with the United States Department of Justice (DOJ), the Securities and Exchange Commission (SEC), the Office of the New York Attorney General (NYAG) and the New York State Department of Insurance (DOI).
Oregon: Permanently Adopts Producer Compensation Disclosure Regulations
(1/16/2006) - Oregon’s Department of Consumer and Business Services, Insurance Division, permanently adopted on Dec. 21, 2005, the temporary rulemaking that established minimum terms of disclosure when an insurance consumer pays compensation to an insurance producer or pays compensation to an insurance consultant who also receives other compensation.
Washington: Commissioner’s 2006 Legislative Session Technical Bill Overview Suggests Smooth Sailing
(12/19/2005) - The Office of the Insurance Commissioner (OIC) released its Technical Bill Overview earlier this month and it appears from the list of OIC-sponsored bills that the 60-day legislative session should be relatively calm.
California: State Fund to Disclose Broker Commissions to Policyholders
(8/30/2005) - State Compensation Insurance Fund has announced that it will disclose broker commissions to policyholders beginning Oct. 1, 2005. Insurance quotes and terms letters will display the commission rate paid to brokers for the placement of their workers' compensation policy with State Fund.
Arkansas: Bulletin Addresses New Producer Disclosure Requirements
(8/1/2005) - Arkansas Insurance Commissioner Julie Benafield Bowman issued Bulletin No. 5-2005, on July 25, providing the Insurance Department’s guidelines on application of Section 9 of Act 1697 of 2005.
New York: NAMIC Responds to Report on Clash Between Attorney General and Insurance Regulator
(7/19/2005) - New York Attorney General Eliot Spitzer and Superintendent of Insurance Howard Mills are not seeing eye to eye with respect to Spitzer's continuing investigations into commercial insurance bid-rigging, according to a report published in National Underwriter Online.
New York Attorney General, Federal Officials at Odds Over Insurance Probes
(7/19/2005) - New York Attorney General Eliot L. Spitzer and federal officials have stopped cooperating with each other in parallel probes of the U.S. insurance industry, and each has made separate deals with witnesses that render the witnesses less useful to the other side, according to people familiar with the case and legal experts.
(6/20/2005) - In October of 2004, the Oregon Division of Insurance started looking into the issue of disclosure of insurance producer compensation. In December 2004, NAMIC filed written comments with the Insurance Administrator setting forth its concerns about the proposed regulations.
NAIC Ratifies Broker Disclosure Model Amendments
(6/20/2005) - The NAIC’s Broker Activities Task Force met on Monday morning in Boston. During the public portion of the meeting – which lasted less than 30 minutes – an update was provided as to the NAIC model amendments on broker disclosure as adopted in December.
Broker Disclosure Issues up for Discussion
(6/10/2005) - The NAIC’s broker activities task force will meet on Monday morning in both public and executive sessions. No agenda for either session has been published so far.
Previous Coverage
- Politically Speaking: Gathering Storm (6/1/2005)
- Oregon: New Rules Clarify How Insurance Agents are Paid (5/31/2005)
- California: Department of Insurance Pushes Proposed Insurance Producer Disclosure Regulations Without Proof of Need (5/23/2005)
- Rhode Island: Broker Disclosure Bills Passed (5/19/2005)
- California: Industry Questions Commissioner’s Legal Authority to Make Sweeping Changes to Code of Regulations, Producer Professional Duties Law (5/9/2005)
- California Legislative Committee Takes Correct Action on Producer Requirements (5/2/2005)
- California Insurance Regulator Continues Search for Problem to Solve on Broker Compensation (4/27/2005)
- California: Commissioner Proposes That Agent or Broker Reveal Compensation If Client Purchases Insurance (4/25/2005)
- Kentucky: Advisory Warns Against Premium Finance Companies Paying Referral Fees to Agents (4/18/2005)
- Oregon: OID Considers Proposed Producer Disclosure Requirements Regs (4/18/2005)
- With Producer Compensation Resolution Unknown, NAMIC Says Look at ‘Cost to Consumer of Regulation’ (4/13/2005)
- Property/Casualty Focus: CFA Study Flawed (4/1/2005)
- Connecticut: Producer Compensation Bill Passes Out of Committee (3/28/2005)
- Ohio: Broker Commission Disclosure Bills to be Introduced (3/28/2005)
- California: Insurance Industry Receives CDI’s Broker Compensation Disclosure Inquiry Letter (3/28/2005)
- NAMIC Considers NAIC Broker Compensation Disclosure Amendment Overbroad, Confusing, Ambiguous, and of Limited Value to Consumers (3/28/2005)
- NAMIC Considers NAIC Broker Compensation Disclosure Amendment Overbroad, Confusing, Ambiguous, and of Limited Value to Consumers (3/25/2005)
- Producer Licensing Working Group Makes Little Headway (3/18/2005)
- NAMIC Urges NAIC to Tailor Broker Compensation Remedy to Actual Problem (3/15/2005)
- California: Department of Insurance (CDI) is Poised for Legislation on Broker Compensation Disclosures and Fiduciary Duties (3/14/2005)
- Little Final Action Expected in Producer Licensing Matters (3/11/2005)
- NCOIL: Waits on Loss History Database Model, Adopts Broker Compensation Model (3/7/2005)
- California: Status of Department’s Broker Commission Regulations (2/28/2005)
- Pennsylvania: House Introduces Broker Compensation Bill (2/21/2005)
- Nevada: Final Draft of Proposed Temporary Regulations Concerning Broker’s Duties to Client (2/14/2005)
- Nevada: Commissioner Approves Reasonable, Appropriate Temporary Regulations on Broker’s Duties to Client (2/7/2005)
- Nevada: DOI to Hold Hearing, Public Workshop on Temporary Regulation Concerning Broker’s Duties to Client (1/28/2005)
- CFA Report Long on Innuendo, Short on Evidence, Says NAMIC (1/28/2005)
- European Mutual Insurance Association Notes NAMIC Arguments to Address Broker Compensation (1/27/2005)
- NAMIC Files Testimony with the NAIC on Latest Broker Compensation Proposal (1/21/2005)
- NAMIC Says NAIC Broker Dealer Model Laudable But Still Too Broad (1/20/2005)
- Lloyd’s Chairman Warns Insurers 2005 Will Be Critical For Rebuilding Industry’s Reputation (1/17/2005)
- Perspectives: Don’t Let Broker Probe Hinder Needed Reform (1/14/2005)
- Nevada: Division of Insurance Proposes Temporary Regulation Concerning Broker’s Duties to Client (1/14/2005)
- New Jersey Continues Investigation of Insurance Industry Practices (1/10/2005)
- NAMIC, PIFC Critique California Department of Insurance Broker Regulation Proposals (1/7/2005)
- NAMIC Lodges Critique of Broker Regulation Proposals by NAIC (1/7/2005)
- NAMIC Says NAIC Producer Disclosure Amendments Too Broad (1/3/2005)
- NAIC Approves Some Amendments to NAIC Producer Licensing Model Act (12/30/2004)
- Michigan: Bid-Rigging Investigation Launched (12/28/2004)
- Producer Compensation ‘Fix’ Should Focus on Defined Problem, NAMIC To Tell NAIC (12/22/2004)
- Spitzer, Aon Head Toward Settlement (12/20/2004)
- Tennessee: Department Cancels Hearing on Broker Compensation Issue (12/10/2004)
- NCSL Financial Services Committee Debates SMART Act and Agent/Broker Issue (12/10/2004)
- NAIC Industry Liaison Committee (12/10/2004)
- NAIC Executive Task Force on Broker Activities (12/10/2004)
- Blanks Item on Contingent-Fee Data Discarded But Could Reappear Later (12/8/2004)
- NAIC Pushes for Resolution on Broker Activities Response By Year End (12/6/2004)
- Broker Compenation, Sarbanes-Oxley at Top of NAMIC Agenda for NAIC Winter Meeting (12/3/2004)
- Broker Compensation, Sarbanes-Oxley at Top of NAMIC Agenda for NAIC Winter Meeting (12/3/2004)
- New York: State Association Cautions Lawmakers Not to Overreact to Broker Probes (12/3/2004)
- NAIC Consumer Liaison Committee (12/3/2004)
- Blanks Item Debuting in New Orleans Seeks Disclosure of Contingent-Fee Data (12/3/2004)
- NAIC Industry Liaison Committee (12/3/2004)
- NAIC Executive Task Force on Broker Activities (12/3/2004)
- Blanks Item for Disclosure of Contingent-Fee Data Goes Beyond Need (12/2/2004)
- NAMIC Raises 5th Amendment, Confidentiality Concerns over Proposed NAIC Broker Activities Questionnaire (12/1/2004)
- NAMIC Urges Deliberative, Open Approach by NCOIL on Broker Disclosure Model (12/1/2004)
- NCOIL Vets Broker Disclosure Model and Stresses Fiduciary Duty (12/1/2004)
- Survey of Property/Casualty Executives Suggests New Brokerage Model Will Evolve in 2005 (12/1/2004)
- Management Directors Step Down from Marsh & McLennan Board (11/22/2004)
- Agent/Broker Controversy Spreads on Several Fronts; NAMIC Comments (11/19/2004)
- United States Senator Says Broker Fee Scandal May End Antitrust Exemptions (11/17/2004)
- Florida Attorney General Announces Subpoenas to Insurers (11/17/2004)
- NAMIC Comments on NAIC Broker Disclosure Model (11/16/2004)
- NAMIC President Comments on Senate Hearing (11/16/2004)
- Canadian Insurance Industry Announces Consumer Rights and Compensation Disclosure Plan (11/15/2004)
- NAMIC Urges NAIC, NCOIL Leadership to Stay Focused on Reform While Pursuing Agent-Broker Inquiry (11/9/2004)
- Illinois Sets up Consumer Hotline for Review of Insurance Broker’s Business Practices (11/8/2004)
- Washington: Commissioner Issues Reminder on Broker Compensation (11/5/2004)
- Tennessee: Rules Proposed in Response to Broker Compensation Issues (11/5/2004)
- Rhode Island: Secretary of State Calls for Action and Legislation on Fees (11/5/2004)
- New Jersey: State Issues Bulletins on Fees, ID Cards and an Order on Brokers (11/5/2004)
- Alabama: NAMIC, Trades Meet with Commissioner Bell on Agent/Broker Issue (11/5/2004)
- New NAIC Task Force to Lead Broker Investigations; NAMIC Comments (11/2/2004)
- North Carolina: Insurance Commisssioner Requests Certified Statements on Bid-Rigging from State’s Insurers, Brokers (10/29/2004)
- Ethics is a Bottom-Line Issue, IMSA Leader Says; Investigations Highlight Need for Strict Ethical Standards (10/28/2004)
- MMC Implements Significant Reforms to Ensure Transparency and the Highest Professional and Ethical Standards (10/27/2004)
- Arizona Insurance Director Reviews Alleged Broker and Insurer Bid-Rigging Practices (10/26/2004)
- More States Announce Investigations Into Bid-Rigging and Price-Fixing (10/25/2004)
- Aon Eliminates Contingent Commissions; CEO Calls for New Approach (10/22/2004)
- New Jersey: Department of Insurance to Probe Industry Practices (10/22/2004)
- Minnesota: Governor Asks Commerce to Review Possibility of “Bid Rigging” (10/21/2004)
- Alabama: Insurance Department Seeking Information from Firms that Have Been Charged in New York (10/21/2004)
- Ohio: Insurance Department Investigating Allegations of Wrongdoing (10/21/2004)
- Oregon: State to Investigate Charges of Insurance Bid-Rigging, Relating Practices (10/20/2004)
- NAIC Moves Forward to Prevent Industry Abuse (10/20/2004)
- California Regulator to Weigh in on Commission Issue (10/20/2004)
- Investigation Reveals Widespread Corruption in Insurance Industry (10/14/2004)
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