Insurance Regulation
A purchaser asks for the amount of the producer's compensation three weeks after the policy is issued. What does Regulation 194 require?
Answer and explanation
Answer: D. Regulation 194 covers a request made within thirty days after issuance and requires written disclosure of the compensation within five business days. The duty is not discharged by the initial role disclosure, and it is not deferred to renewal or extinguished by issuance.Source: New York Reg. 194, 11 NYCRR 30.3 — 11 NYCRR 30.3(c)
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