Additional Guidance on NY's Reg 194

In a recent NYSID Office of General Counsel Opinion (11-07-01), the Department stated in response to an inquiry that: 

“A producer that receives ‘items like shirts, lunches, pens, pads,” and other merchandise as well as entertainment as compensation based in whole or in part on the sale of insurance contracs must disclose such compensation pursuant to §30.3(b) of Regulation 194.  (Footnote: ‘Compensation does not mean tangible goods with the insurer name, logo or other advertisement and having an aggregate value of less than $100 per year per insurer.  11 NYCRR 30.2(a).)  However, whether a producer must provide the precise value of entertainment and merchandise received from an insurer as compensation or may provide a reasonable estimate of such value depends on whether the amount of compensation is known at the time Regulation 194 requires disclosure.”