Why Producer Comp Disclosure is Important to You

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Joe G

Mar 25, 2010 - 4:57 PM

What a great idea! But let's not stop at insurance agents. I think the grocery store, the pharmacy, the plumber, the dry cleaner, and everyone else collecting money from consumers should file a disclosure statement and keep it for three years. Then we'll really be informed and protected.

David Bauer

Mar 26, 2010 - 8:44 AM

Dear Mr. Gaul:

I am writing you today in opposition of the proposed producer compensation disclosure (PCD) regulation. Capital Bauer currently discloses compensation on a voluntary basis in our property and casualty business and on a mandatory basis in our employee benefits practice as required by the 5500 form.

I had a unique perspective on PCD during my tenure as chair of the Independent Insurance Agents & Brokers Association of NY (IIABNY). During the years of 2004-5 there was extreme pressure to legislate or regulate PCD due to abuses by public brokers which were addressed appropriately on a case by case basis. The board of IIABNY formulated and currently endorses a voluntary disclosure notice.

My concern with the regulation is not disclosure; it is the frictional cost of disclosure and the unintended consequences of compliance. I understand the reasoning with mandatory disclosure; however, consumers are not requesting compensation information in the cou

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Content: poppa_statement032510.wmv - 34.89MB Download FirstFrame.jpg - 1.78KB Download
Title: Why Producer Comp Disclosure is Important to You	Description: IIABNY President & CEO Dick Poppa breaks down the facts of the new regulation and IIABNY's comprehensive approach to prevent it from being implemented as currently written.

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