By Mary Byrnes, AAI-M, AU, Education Department
On July 24th at 10am, Tim Dodge and Scott Hobson will bring you up to speed on the “Expansion of New York Regulation 187 Looming 8/1/19". Tim and Scott will review the new “Best interest of the consumer" standard. If you're thinking to yourself, “We always do what's in the best interest of our clients"…this is a whole different animal.
When used in the context of the expanded regulation, the parameters of “best interest of the consumer" are defined for you. Also, before a coverage recommendation can be made to the client, you must determine “suitability". From there, using the “best interest of the consumer" standard and “suitability", you make your recommendation. The expansion requires you to point out (disclose) the favorable and unfavorable features of the coverage being recommended. If that's not enough, here's the other big thing: the regulation has been expanded from just covering annuities to now include life insurance.
This regulation is putting a pretty hefty burden on agents.
This GearUP! webinar is free to Big I NY & NYSAHU members. We'll bring you the details in 45 minutes or less. If you have a life license or sell annuities, you won't want to miss this webinar.
Register for gearup!
July 24, 2019
Free for Big I NY Members & NYSAHU members