Navigating NY Reg 187’s Best Interest Standard

[Originally broadcast on November 6, 2019]

Description: The New York Department of Financial Services (DFS) amended Insurance Regulation 187 (Reg 187) to require insurers and producers to act in the “best interest” of clients when recommending annuities and life insurance.

The best interest standard has been a controversial topic for some time in connection with annuity sales and the New York DFS has now established it as mandatory for annuity sales (as of August 1, 2019) and for the first time for life insurance sales (as of February 1, 2019). This creates challenges for implementation in a number of areas including the collection of client information, making a best-interest recommendation, informing the client, and compensating producers. In addition, producers who are selling these products must be trained in the new requirements.

Join RegEd Insurance Education Expert Stephen Froikin and Product Manager Melissa Hecht as they provide an overview of the regulation, what it will mean for insurers, and discuss how new RegEd courses can help insurers meet the demands of NY Reg 187.

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Navigating NY Reg 187’s Best Interest Standard

[Originally broadcast on November 6, 2019]

Description: The New York Department of Financial Services (DFS) amended Insurance Regulation 187 (Reg 187) to require insurers and producers to act in the “best interest” of clients when recommending annuities and life insurance.

The best interest standard has been a controversial topic for some time in connection with annuity sales and the New York DFS has now established it as mandatory for annuity sales (as of August 1, 2019) and for the first time for life insurance sales (as of February 1, 2019). This creates challenges for implementation in a number of areas including the collection of client information, making a best-interest recommendation, informing the client, and compensating producers. In addition, producers who are selling these products must be trained in the new requirements.

Join RegEd Insurance Education Expert Stephen Froikin and Product Manager Melissa Hecht as they provide an overview of the regulation, what it will mean for insurers, and discuss how new RegEd courses can help insurers meet the demands of NY Reg 187.

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