The ALS Group applauds the Appellate Division of the NY Supreme Court for upholding regulation 194 in a unanimous decision on March 8, 2012.
Our firm is a strong advocate of full disclosure in the insurance-broking world and we feel that Regulation 194 does not in any way disenfranchise insurance providers but rather allows policyholders the opportunity to take an informed value-for-money view of broker services. We commented on this blog in December 2009 that we thought the regulation was both comprehensive and well written disclosure rule that should be followed by brokers in all states, not just NY. While I understand there is pushback from agent and broker advocacy groups, full transparency can only be a positive for policyholders.
For a copy of Rule 194 click here.
For a copy of the article, “Regulation 194”, that recently appeared in Risk and Insurance Magazine click here.
For a background article click here.
