NY Best-Interest Rule Causing Insurers to Stop Offering Annuities in the State
September 11, 2019 by Alex Padalka
Now that New York’s tougher rules on the sales of annuities and insurance have gone into effect, insurers are preparing to stop selling the products in the state, according to news reports.
Issued by the New York State Department of Financial Services, Regulation 187, as it’s known, requires financial entities selling annuities to consider their clients’ best interest first, add new disclosures and implement training on the product.
The rule went into effect Aug. 1, and will also apply to insurance policies on Feb. 1, 2020.
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“I’m looking at New York as a pilot program for the rest of the country,” Sheryl Moore, head of insurance consulting firm Moore Market Intelligence, tells the publication. “This is kind of a precursor to what’s to come.”
