Financial and Insurance advisors working in the state of New York have probably heard of Regulation 187 by now. And if not, here is your quick guide to everything you need to know to stay in compliance.
This new regulation applies to all financial professionals submitting new business in New York, as well as any financial professional servicing existing business that was originally issued in New York.
The amended regulation creates a “best interest” standard of care, in addition to the suitability standards already in place.
The regulation takes effect August 1st, 2019 for annuity business and will apply to new and in-force life insurance business effective February 1st, 2020.
This means financial professionals will need to adhere to the following prior to conducting business or providing policy reviews in New York, once those dates arrive for each line:
Contact us for any questions or inquiries on this regulation.
We can provide carrier acceptable Reg 187 training links, updated carrier forms and share best practices to ensure your business continues to thrive in an ever-changing regulatory environment.
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