The Department of Financial Services (DFS) has proposed amendments to Reg. 187 that would impose a “best interest” suitability standard on all transactions related to life insurance and annuities.  NAIFA-NYS has 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 are up-to-date resources to keep you informed.

NAIFA-NYS Comment Letter to the DFS

Joint Industry Trade Association Comment Letter

LICONY Comment Letter and Markup

Text of Proposed Reg. 187 “Best Interest” Amendments

NAIFA-NYS Summary of Proposed Amendments

Proposed “Best Interest” Amendments to NAIC Suitability Model Regulation