New York insurance brokers would be compelled to disclose all commission and affinity deals with insurers under a proposal from the New York Insurance Department.

The powerful state regulator has proposed full transparency in broker compensation, including the right to access information about any other quotes or alternative insurance products the broker considered.

Compensation is defined as “anything of value” and may include money, vacations, gifts and payments of expenses.

The proposed rule follows meetings between industry and government representatives last year to discuss insurance broker compensation and disclosure. It would not apply to reinsurance placements, captive placements or wholesale transactions.

Willis Chairman and CEO Joe Plumeri – a strong supporter of the drive for greater market transparency – last week welcomed the move.

“This proposed regulation is a validation of our firmly held position, and we hope it leads to an industry-wide standard that would apply to all brokers, no matter where they do business,” he said.