The settlement “calls for full disclosure of all commissions and other compensation in connection with group life, accidental death and dismemberment, long and short term disability, health (including long-term care) and/or related group insurance coverage.”
California Insurance Commissioner John Garamendi continues his efforts against contingent commissions and said in the press release, “As I have said since this Department began investigating contingent commissions more than two years ago, brokers, agents and insurers owe their clients truth and honesty in their dealings.”
I for one will miss Garamendi as the California Insurance Commissioner and hope his successor will be half as diligent and unafraid to take on big insurers.
