March 21, 2012
Board Decides Against Continuing Reg. 194 Appeal
IIABNY's board of directors, after carefully considering the pros and cons of filing an appeal to New York's highest court, will not further pursue its legal challenge. Instead, the association will continue to bring its members' concerns to the state Department of Financial Services and seek to fine-tune the regulation to soften its impact on insurance producers and their clients.
March 8, 2012
Appellate Court Upholds Reg. 194
On March 8, 2012 the Court handed down its decision on our appeal. Unfortunately, the Appeals Court agreed with the earlier decision, allowing the regulation to stand. IIABNY's Board of Directors will discuss and make a determination within 30 days of whether it will pursue any further legal action.
IIABNY has been an active participant in the discussions, public hearings and private meetings from the beginning and we pursued a legal remedy in response to the requests of our members. We will continue to work with the Insurance Department on implementation and agent compliance issues so our members can properly meet the requirements of this regulation.
IIABNY & CIBGNY Argue Regulation 194 Appeal in Court
IIABNY has prepared a variety of materials to assist you with compliance, including handouts, frequently asked questions, and a webinar on how to comply available on-demand.
View Compliance Materials
Producer Compensation Disclosure - Regulation 194
View the Final Version of the Regulation