As New York works to finalize its own broker compensation disclosure rules, at least three mid-Atlantic states are also investigating the matter.
Maryland Insurance Commissioner Ralph S. Tyler told IFAwebnews.com this spring he would explore enacting a similar rule to the one in New York, collecting input from various stakeholders. Tyler said he has spent the past few months doing just that to “review information and decide a direction to pursue.”
“The reaction varies from those who feel fairly strongly this is something we should do, those who are indifferent and others who strongly oppose it,” he said recently. “I think we’ll make a direction about the direction we plan to go in very soon.”
Former commissioner of the District of Columbia’s Department of Insurance, Securities and Banking, Thomas E. Hampton, said he hoped to have a new regulation in effect by the end of the year, but his successor is taking a step back.
“At the present time, I do not have a proposal to implement any new disclosure regulations,” said Acting Commissioner Gennet Purcell. “I am, however, aware of it and looking into the issue, monitoring our neighboring jurisdictions and will make a determination as to what stance will appropriately inform and protect our District consumers going forward.”
Officials in Delaware, who indicated this summer that they were in the fact-finding phase of considering commission disclosure rules, did not respond to inquiries for an update on their progress.
This story originally appeared in the November 2009 print edition of Insurance & Financial Advisor.
Mid-Atlantic states mull broker compensation rules via IFAwebnews .
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