Checklist Shows Impact of N.Y. Best Interest Rules

January 22, 2020 by Allison Bell

A carrier has distributed new guidelines for agents and brokers that show what producers will have to do to comply with the new New York Regulation 187 product suitability and best interest standard regulations.

Any time a producer interacts with a client, the producer will have to document

• Any new recommendations.
• Whether no recommendation was made.
• The client’s decisions about the recommendations.
• The basis for the recommendations.
• Comparisons of any products considered, including a comparison of the non-guaranteed elements.
• Compensation.
• The possible effects of any product replacements proposed.

A producer will also have to keep documentation, including a customer profile and needs analysis, for any interaction that leads to a sale.

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Originally Posted at ThinkAdvisor on January 17, 2020 by Allison Bell.