N.Y. Comp. Codes R. & Regs. tit. 2 § 154.16

Current through Register Vol. 46, No. 50, December 11, 2024

Section 154.16 - Solicitation, education and confidentiality

(a) No financial organization or administrative service agency nor any of their agents shall use information obtained by reason of its appointment as a financial organization or administrative service agency to solicit volunteer firefighters to purchase any product made available by such financial organization or administrative service agency.

(b) Educational materials designed to acquaint volunteer firefighters with the benefits of the program may be provided by the financial organization or administrative service agency upon prior approval by the Office of the State Comptroller. In addition, at the time of distribution of a service award, an administrative service agency or financial organization may include with a distribution written information concerning the potential tax consequences of the distribution and generic categories of investment options. Such information may contain a statement indicating that additional information may be obtained from the administrative service agency or financial organization or their agents and from other financial institutions, but in all cases such information shall also contain a clear and prominent statement that the Office of the State Comptroller does not review, approve, endorse or recommend any such information, and is not in any way affiliated with, any financial instrument, product or service offered by or acquired through an administrative service agency, financial organization or their agents, or any other financial institution.

(c) Except as otherwise provided by law, all information obtained under the State-administered defined contribution volunteer firefighter service award program by the sponsor, a volunteer fire company or volunteer fire department, an administrative service agency or a financial organization shall be confidential and shall be used exclusively for purposes relating to the program.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 154.16