NY Insurance Trade Group Sues Over State’s Best-Interest Regulation

November 27, 2018 by Alex Padalka

An insurance industry trade group is challenging the legality of a best-interest regulation adopted in New York earlier this summer on the sale of insurance and annuities, according to news reports.

The National Association of Insurance and Financial Advisors for New York State has filed a lawsuit in New York Supreme Courtclaiming the regulation by the New York Department of Financial Services, which requires agents and brokers to ensure sales of insurance and annuities are in the best interest of the client, contradicts current New York law, according to FA magazine.

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To read the FA Magazine article cited in this story, click here.

Originally Posted at Financial Advisor IQ on November 27, 2018 by Alex Padalka.