NY Court of Appeals reinstates tough standard for life insurance, annuities

October 24, 2022 by John Hilton

The New York State Court of Appeals sided with regulators in a Thursday decision to reinstate the toughest state annuity sales standard in the nation.

Regulation 187, passed in 2018 by the New York State Department of Financial Services, requires life insurance and annuity producers to base their sales recommendations on the best interest of the consumer, regardless of the advisor’s compensation or other incentives.

The regulation was quickly challenged in court by the Independent Insurance Agents and Brokers of New York (the Big I-NY) and the Professional Insurance Agents of New York State.

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Originally Posted at InsuranceNewsNet on October 21, 2022 by John Hilton.