Regulation 194

Submitted by Anonymous (not verified) on Wed, 08/12/2015 - 08:10

What does Regulation 194 require?If an insurance producer sells a policy to a purchaser, but is not compensated in whole or in part for that sale, must the producer nonetheless make disclosures pursuant to Regulation 194?

Posted: 10 Sep 2015 04:40 Post Subject: Regulation 194

What does Regulation 194 require?

Answer: Simply stated of Regulation 194 requires an insurance producer to provide in all cases a mandatory initial disclosure to a purchaser. Section 30.3(b) of Regulation 194 requires a disclosure of compensation amounts, but only if the purchaser asks for that information. The text of the regulation, which sets forth the information that must be disclosed in both cases, may be found at dfs.ny.gov/insurance/r_finala/2010/rf194txt.pdf.

source: dfs.ny.gov/insurance/faqs/faqs-reg194.htm

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