Important New York Regulatory Update
Early in May, a New York court determined that New York Insurance Regulation 187 (Reg. 187) is unconstitutional. As you know, Reg. 187 requires that all life insurance and annuity recommendations in New York be in the customer’s best interest.
On May 27th, the New York Department of Financial Services filed an appeal of that decision. While the appeal is pending, Reg. 187 will remain in effect. This means that you should continue to make recommendations that are in a customer’s best interest, complete all required disclosures and documentation, and otherwise continue complying with Reg. 187. It also means that the RightBridge product validation tool for eApplications is still required, and the downloadable application kits will continue to include a form requiring you to certify that the requirements of Reg. 187 have been met.
If you have any questions, please call the Agency Support Team at 800-428-4947.
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