State of New York Regulation 187 started February 1st 2020
State of New York Regulation 187 regulates recommendations made by an insurance professional (Producer) in the sale of an annuity or life insurance policy or when performing certain transactions for an already in-force annuity and/or life policy.
Regulation 187 codifies and requires a Producer to act in the best interest of the consumer when making a recommendation concerning a life and/or annuity policy. Details of Regulation 187 can be found online by searching for New York Regulation 187.
Here's a few articles that may assist you:
- NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FIRST AMENDMENT TO 11 NYCRR 224 (INSURANCE REGULATION 187)
- Checklist Shows Impact of N.Y. Best Interest Rules (Think Advisor)
- RESOURCE CENTER – REGULATION 187 (NAIFA-NYS)
If you have any questions about how Regulation 187, please contact your life and/or annuity insurance professional.
Disclaimer: While this release is provided by AIP Marketing Alliance’s Business Development team, which can be reached at (800) 783-5206 or marketing@aipma.com, the information and opinions expressed above are provided to us by third parties. These sources are believed to be reliable, but accuracy and completeness cannot be guaranteed accurate by any provider of the information. Information is provided to you for informational purposes only and is not, and should not, be considered a solicitation to buy or sell any products mentioned nor take action concerning any existing policy. The information should not be used as the sole basis for any financial decisions, nor should it be construed as advice applicable to your specific financial situation.
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