Think you comply with the DFS regulation? You probably don’t!
The DFS Cyber-Security Regulation: Guidelines for Complying
The DFS regulation is far-reaching and affects all producers licensed in New York in some way. Click HERE for NAIFA-NYS guidance on who must comply, what a “covered entity” is, what data needs protection, what role third parties play, if you qualify for a limited exemption, how reporting of cyber breaches may work, and what deadlines/effective dates you need to know, among other items.
New York Releases Its Own Proposed “Best Interest” Regulation
The Department of Financial Services on December 27 released a proposed new rule that would require producers to meet a “best interest” standard when selling annuities and life insurance products. The proposed rule, which NAIFA-NYS is examining in depth, is available HERE. Click HERE for a summary.
Governor Calls for State-Run Retirement Plan for Private Sector
In his Fiscal Year 2019 budget, Governor Cuomo called for a state-sponsored and run retirement program for private-sector workers whose employers do not offer a qualified plan. The plan is the wrong approach to encouraging retirement savings and unnecessarily would displace the private market. YOU CAN HELP TO DEFEAT THE PROPOSAL. Briefing Points and Guidance on How to Help are available HERE. A Special Message from the NAIFA-NYS Exec. Director is HERE.
Federal Tax Reform
On December 22, 2017, President Trump signed into law the largest overhaul of the U.S. tax code since the Reagan Administration. The new law makes numerous changes – including permanently dropping the corporate tax rate to 21%, temporarily lowering personal tax rates, and nearly eliminating the state and local tax (SALT) deduction critical to so many New Yorkers. The full text is available HERE. Other details can be found HERE.
Couldn’t attend our webinar on the DFS cyber-security regulation? Click HERE for the recorded version (members only, password required)
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NAIFA-Chautauqua is a small association, but it's awfully active, and on January 25 its members gathered just outside Jamestown for a roundtable luncheon with legislative representatives and NAIFA-NYS senior staff. Topics of discussion at [...]
Our Buffalo association continued its tradition of successful legislative breakfasts on January 25, when nearly 60 members, non-members, legislators and staff, and NAIFA-NYS representatives gathered in an elegant ballroom at Salvatore's Italian Gardens in [...]
Building on their successes in 2017 - when more New York locals held legislative breakfasts than in many, many years - the NAIFA-NYS locals have announced their 2018 calendar of legislative events. The schedule begins [...]
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NAIFA-NYS sent the following letter-to-the-editor in response to a February 19 Times Union editorial entitled "A Retirement Plan for All." The editorial urges state legislators to include Governor Cuomo's "Secure Choice" Retirement Plan in this [...]
NAIFA-NYS Releases First-of-Its-Kind Cyber-Security Tool for Life Agents, Responds to DFS Regulation
Albany, New York, January 29, 2018 — The National Association of Insurance and Financial Advisors-NYS (NAIFA-NYS) today announced a first-of-its-kind compliance tool to assist New York life agents to comply with the state’s new cyber-security [...]
Governor Cuomo, in response to the federal tax reform's near-elimination of the state and local tax (SALT) deduction, is proposing to overhaul the New York State tax code and warns of a potential legal challenge [...]