RESOURCE CENTER – REGULATION 187
The Department of Financial Services’ (DFS) Reg. 187 imposes a “best interest” suitability standard on all transactions related to life insurance and annuities. NAIFA-NYS weighed in through in-person meetings with DFS regulators and via extensive official comments, as well as partnered with other associations to express concerns and recommend alternatives. Below is information regarding the regulation and where NAIFA-NYS stands. The annuities requirements take effect on August 1, 2019; the life insurance requirements kick in on March 1, 2020.
BACKGROUND MATERIALS –
Related NAIC Initiative:
NAIFA-NYS Sues to Stop Regulation 187
NAIFA-NYS has filed what is called an Article 78 legal challenge to invalidate Regulation 187. The case now is working its way through the courts. Click the box below to access key documents associated with the case so far, including the initial NAIFA-NYS filing and the Attorney General’s response (NAIFA-NYS members-only password required)