Top New York court revives protections for buyers of annuities, life insurance

October 24, 2022 by Barbara Grzincic

(Reuters) – New York’s highest court on Thursday reinstated a 2018 regulation that requires life insurance and annuity producers to base their sales recommendations on the best interest of the consumer, regardless of the adviser’s compensation or other incentives.

The New York Court of Appeals – the state’s top court – overturned an intermediate appellate ruling that the regulation was unconstitutional because it lacked “sufficient concrete, practical guidance” on how to comply with the standard.

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Originally Posted at Reuters on October 21, 2022 by Barbara Grzincic.