N.Y. Comp. Codes R. & Regs. tit. 2 § 155.23

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

Section 155.23 - Solicitation, education and confidentiality

(a) No financial organization, administrative service agency or actuary, nor any of their agents, shall solicit a volunteer firefighter to purchase any products made available by such financial organization, administrative service agency or actuary other than in connection with the State-administered defined benefit volunteer firefighter service award program, nor use information obtained by reason of its appointment as a financial organization, administrative service agency, or actuary to solicit volunteer firefighters with respect to such other products.

(b) Educational materials designed to acquaint volunteer firefighters with the benefits of the State-administered defined benefit volunteer firefighter service award program may be provided by the financial organization, administrative service agency, or actuary 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, financial organization, or actuary may include with the 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, financial organization, or actuary 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, and is not in any way involved with, any financial instrument, product or service offered by or acquired through, an administrative service agency, financial organization, or actuary or their agents, or any other financial institution.

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

N.Y. Comp. Codes R. & Regs. Tit. 2 § 155.23