New York's broker pay disclosure law not retroactive, court says.

Byline: MARK A. HOFMANN

Insurance brokers do not have to have to disclose incentive arrangements with insurers that were entered into before New York state's disclosure regulation took effect Jan. 1, the New York Court of Appeals has ruled.

The case was brought by the New York attorney general's office against Wells Fargo Insurance Services Inc. The state's complaint contained four causes of action that alleged Wells Fargo engaged in "repeated fraudulent or illegal acts" in violation of state law, was unjustly enriched, committed common law fraud and breached its fiduciary duties.

The court, which is New York's highest, said in its Feb. 17 ruling in People vs. Wells …