N.Y. Supreme Court Overturns Sales Regulations On Annuities And Insurance

May 3, 2021 by Tracey Longo

Insurance agents and advisors in the state of New York won a monumental lawsuit today to overturn the state’s best interest sales standard governing the sales of annuities and life insurance on the grounds that the standard was unconstitutional.

The New York Supreme Court Appellate Division reversed a 2019 ruling affirming that the New York State Department of Financial Services was within its authority when it issued Regulation 187, which permits agents or brokers to make a recommendation only if they believe the sale is in the consumer’s best interest.

Click HERE to read the full story via Financial Advisor

Originally Posted at Financial Advisor on April 29, 2021 by Tracey Longo.