New York Producer Compensation Disclosure
Initial Disclosure of Producer Compensation
As Required by New York State Insurance Department Regulation 194
I am an insurance producer licensed by the State of New York. Insurance producers are authorized by their license to confer with insurance purchasers about the benefits, terms and conditions of insurance; and to obtain insurance for purchasers. The role of the producer, based on the insurance contract the producer sells. Depending on the insurer(s) and insurance contracts(s) the purchaser selects, compensation will be paid by the insurer(s) selling the insurance contract by another third party. Such compensation may vary depending on a number of factors, including the insurance contract(s) and the insurer(s) the purchaser selects. In some cases, other factors such as the volume of business a producer provides to an insurer of the profitability of insurance contracts a producer provides to an insurer also may affect compensation.
The insurance purchaser may obtain information about compensation expected to be received by the producer based in whole or in part of the sale of insurance to the purchaser, and (if applicable) compensation expected to be received based in whole or in part of any alternative quotes presented to the purchaser by the producer, by requesting such information from the producer.