Important Notice: Starting tomorrow the full expansion of New York's Insurance Regulation 187 goes into effect.
This requires agents to meet a new "best interest" standard, as defined by the NYS DFS when selling life insurance to state residents. This new standard took effect August 1, 2019 for annuity transactions. If you sell life or annuity products, this regulation affects you.
What does this mean for you?
If you write even one life policy it's imperative that you fully understand how it will affect your day-to-day operations and compliance responsibilities.
WATCH: Tim Dodge & Scott Hobson walk you through compliance in this pre-recorded GearUp webinar
WATCH: Two Minutes With Tim: NY Reg 187 - February 1, 2020 Compliance Date
VISIT: Our Reg 187 Answer Center page shares downloadable questionnaires and checklists to use in your agency as you work towards compliance.
As you know, Big I New York continues our ongoing legal challenge to this regulation. In the coming weeks, we'll be filing our appeal to the Supreme Court's July 2019 ruling upholding the amended regulation. We anticipate the appellate court will issue a ruling in late 2020. While we work behind the scenes, you must comply fully with the regulation. When it comes to protecting our members and New York consumers, we won't back down. Questions? Visit the Regulation 187 Answer Center on the Big I NY website.