Dave Gelia is the 2nd and last witness. He's just taken the stand.
He says there is no conflict of interest in contingents, they do not result in steering business, and agents and brokers should voluntarily disclose compensation. Profit sharing creates win-win-win situation for insurers, agents and customers.
He just pulled out the WNY Yellow Pages. There are 40 pages of listings of insurance agents. All those competitors force him to do the best job for his customers.
As an independent agent, he takes great pride in independence. They spend thousands of dollars and hundreds of personnel hours shopping their clients' insurance for the best deal. Very few clients ever ask about compensation. Mandatory compensation disclosure would be less effective than voluntary disclosure to those clients who ask for it.
He's summing up by arguing that agents are honorable and employ hundreds of people in WNY. He's invited the panelists to spend a week in his office to show how hard they must work to attract and retain clients. "If you're not competitive, you're dying."
EDITORIAL NOTE: Very passionate summary.