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.

   DFS Press Release Announcing the Final Regulation

   FINAL VERSION of the Reg. 187 “Best Interest” Suitability Requirements

   DFS Assessment of Public Comments on Second Draft / Other Materials


BACKGROUND MATERIALS –

SECOND DRAFT:  Revised Text of Proposed Reg. 187 “Best Interest” Amendments

   NAIFA-NYS Comment Letter to DFS (Regarding the Second Draft)

   Press Release – NAIFA-NYS to DFS:  Suspend Reg 187 Effort So All Parties
    Can Discuss Issues, Ideas

   NAIFA-NYS Summary of Revisions from the Initial Draft

   DFS Assessment of Comments on the Initial Draft / Notice of Revised
   Rulemaking / Related DFS Links (see section regarding “Suitability
   in Life Insurance and Annuity Transactions”)

INITIAL DRAFT:  Text of Proposed Reg. 187 “Best Interest” Amendments

   NAIFA-NYS Comment Letter to the DFS (Regarding the Initial Draft)

   NAIFA-NYS Summary of Proposed Amendments (Regarding the Initial Draft)

   Joint Industry Trade Association Comment Letter

   LICONY Comment Letter and Markup

Related NAIC Initiative:

   Initial Draft of NAIC “Best Interest” Amendments to the NAIC Suitability
   Model Regulation

 

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)

CLICK HERE TO READ OUR COURT FILING & THE AG’s RESPONSE