Big I New York members are reminded that new rules creating a "best interest" standard for annuity sales are now in effect. The same rules will apply to life insurance sales starting next winter.
The changes to New York Insurance Regulation 187 require insurance carriers, agents and brokers to adopt a number of procedures and practices to act in the "best interest" of the client with regard to annuity and life insurance transactions.
Effective August 1, 2019, insurance carriers, agents and brokers must comply with the new rules for all transactions related to annuity contracts. However, they are not required to comply with regard to life insurance transactions until February 1, 2020. Visit the Life Ins. & Annuities Best Practices (Reg. 187) page in the Answer Center of the Big I New York website for guidance and tools you can use for compliance.