State fiduciary rules may be reckoning for life insurance industry

January 23, 2018 by Greg Iacurci

The life insurance industry escaped the jaws of the Department of Labor fiduciary rule only to come face to face with another beast: the states.

New York’s recent proposal to impose a best-interest standard on life-insurance sales — a higher standard than currently exists — would have a significant impact on insurance agents and brokers, by upending the way they currently conduct business.

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“I don’t think other states will necessarily see what New York is doing and feel compelled to follow suit,” said Sheryl Moore, president and CEO of consulting firm Moore Market Intelligence. “New York is usually quick to do things that other people don’t follow with.”

Originally Posted at InvestmentNews on January 19, 2018 by Greg Iacurci.