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CIBGNY's
Proposed Regulation on Insurance Producer Compensation
Disclosure that is largely based upon the Model Act published by
the National Conference of Insurance Legislators (NCOIL).
On February 25-26, 2009, a group of CIB’s Officers and Board
members met in Albany with key lawmakers and policymakers to
discuss the Association’s misgivings with the
Draft Regulation on Producer Compensation Transparency,
recently exposed for comment by the NYS Insurance Department:
The CIB team was spearheaded by President Anthony Aquilino,Immediate Past
President Peter Resnick,
Legislative Chair Anthony
Calafiore and Board member Al
Caputo,
and guided by Legislative Counsel Tom Faist.
Insurance Department has Published
Draft
Regulations for Producer Compensation
The draft
regulations appears to
place the burden of disclosure squarely on the backs of
independent producers, while exempting captive agents.
The CIBGNY is working with other insurance organizations to
coordinate a joint response to NYSID, the CIBGNY believes
that this new regulation will place an unfair burden on
Independent Producers and provide unfair advantage to captive
agents
Please review the draft regulation and provide your comments.
Your input is important and will help us in preparing a response
Theodore P. and Peter T.
Demetriou 2009 Scholarship
In memory
of Theodore P. and Peter T. Demetriou, CIBGNY has established this scholarship
fund in recognition of both Theodore and Peter’s unwavering support of
the insurance industry.
The Award recipient must be a full-time employee
of a current CIBGNY member's office. They must demonstrate an interest
in the insurance industry by becoming involved in the industry and by
furthering their insurance education.
The Award recipient will receive
$250 in cash, a one-year complementary CIBGNY membership
, and
complimentary attendance to all dinners, including the Annual Dinner Dance on
November 20, 2009, and membership meetings.
The Award will be presented at the
Annual Dinner Dance on Friday, November 20, 2009, at the El Caribe Country Club,
Brooklyn, NY. The recipient must be in attendance at the Annual Dinner Dance to
be eligible to win.
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