Insurance Regulation
What must a producer disclose to the purchaser at or prior to application under Regulation 194?
Answer and explanation
Answer: D. Regulation 194 requires the producer to describe the role played in the sale and to state whether compensation will be received from the selling insurer or another third party based on the contract sold. Exact amounts come only on request, and the market surveyed and the licence details are not part of this disclosure.Source: New York Reg. 194, 11 NYCRR 30.3 — 11 NYCRR 30.3(a)
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