The Big I Appeals NY Ruling Upholding Best Interest Standard
September 17, 2019 by John Hilton
The Independent Insurance Agents and Brokers of New York filed an appeal Monday challenging a New York Supreme Court ruling upholding the state’s new regulations governing annuity and life insurance sales.
Acting Albany County Supreme Court Justice Henry Zwack ruled July 31 that the New York Department of Financial Services was within its authority when it issued Regulation 187. The regulations establish a best interest sales standard and include rigorous training and documentation rules.
Regulation 187 took effect Aug. 1 for all annuity sales in New York.
The National Association of Insurance and Financial Advisors – New York also sued to stop Regulation 187. But the NAIFA chapter opted not to join the appeal, sources said.
The IIABA, known as The Big I, released the following statement:
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