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New York Moves to Create Its Own “Best Interest” Standard

As the DOL hits “pause” on full implementation of its fiduciary duty rule, New York regulators have proposed a “best interest” standard of their own, one that would apply to all life insurance products and [...]

By | January 5th, 2018|Categories: NAIFA-NYS Legislative Updates, New York Issues|0 Comments

DFS Extends Filing Deadline for the Limited Exemption from the DFS Cybersecurity Regulation

DFS has issued, without announcement or public notice, an extension of the filing deadline until October 30. The language, posted quietly on the DFS web site, is a bit unclear and may create more confusion [...]

By | September 28th, 2017|Categories: NAIFA-NYS Legislative Updates|0 Comments

DFS Issues Final Cost-of-Insurance Regulation (Reg. 210)

The Department of Financial Services (DFS) today announced the adoption of a new regulation that focuses on life insurance company practices related to increases in the premiums or charges of certain life insurance and annuity policies. The [...]

By | September 19th, 2017|Categories: NAIFA-NYS Legislative Updates|0 Comments

NYS Senate Passes Critical Interstate Insurance Compact

This afternoon, the NYS Senate overwhelmingly approved - in a 56 to 5 vote - the Interstate Insurance Product Regulation Compact S426 (Seward), which would streamline the New York product approval process and bring our state more in [...]

By | May 24th, 2017|Categories: NAIFA-NYS Legislative Updates|0 Comments

NAIFA-NYS Successfully Urges the New York Department of Financial Services to Increase Training Allowance Subsidy Limits

In January, senior NAIFA-NYS officials held the first in a series of regulatory affairs discussions with the representatives of several bureaus of the New York State Department of Financial Services, including the Deputy Superintendent for [...]

By | March 24th, 2016|Categories: NAIFA-NYS Legislative Updates|0 Comments

NYS Senate Holds Roundtable on Collapse of Health Republic/ Impacts and Next Steps

For NAIFA-NYS members owed commission from Health Republic, a formal Court-supervised liquidation proceeding would provide a mechanism to file a claim.  But as NAIFA-NYS legislative staff report following a Senate roundtable, the Dept. of Financial [...]

By | February 8th, 2016|Categories: NAIFA-NYS Legislative Updates|0 Comments