Litigation

The Office of General Counsel of the New York State Insurance Department issued an opinion on December 12, 2007 which states that for now, at least, New York insurance brokers are not legally required to disclose to clients the commissions they earn on policies they place, according to a new legal opinion released by the state's insurance department".

The insurance department however, reiterated that it plans to introduce new rules in 2008 that "would require insurance brokers and certain agents" to disclose to their clients both the amounts and sources of their income.

No exact time frame has been announced for when the department plans to make that change.  In the meantime, a number of structured settlement firms already have the long standing practice of disclosure through structured settlement affidavits or certificates of reliability and assurances.