Understanding Best Interest: NY Reg 187 for Producers: LIMRA’s Best Interest training provides just what financial professionals need to know to understand and comply with New York Reg 187. Suite 200 AW Corporation. 187) imposes new standards on insurance companies and the agents who sell their products.. TRAINING COURSES. 187 training? Our new Best Interest training provides just what financial professionals need to know to understand and comply with New York Reg 187. It will then show you a product overview and that is the extent of their training. These courses offer convenience to producers and home office employees and scalable cost options to carriers. Titled “Suitability and Best Interests in Life Insurance and Annuity Transactions”, the regulation clarifies the duties and obligations of insurers and producers, requiring them to establish a best interests standard of care and a program of supervision to ensure compliance by both the insurer and the producers recommending its products. On July 31, 2019, the New York State Supreme Court issued a decision to uphold the constitutionality of the regulation. All rights reserved. Disclosures are huge in New York, and there are a lot of them. Back to NY Reg 187 For More Information. Phone: (800) 873-2345. Both are suitable and the consumer considers them equal products.
Privacy Policy, The Department of Financial Services has issued a final regulation, adopting a best interests standard for those licensed to sell life insurance and annuity products in New York. © 2020 Quest CE, LLC. Will LGA accept Reg. In July 2019, the New York Department of Financial Services (DFS) announced an amendment to New York Insurance Regulation 187 that affects annuities and life insurance sales. 187 training from other vendors?
Starting on February 1, 2020, New York’s Regulation 187 will require agents to comply with a “best interest” standard when selling life insurance to New York residents. Our new Best Interest training provides just what financial professionals need to know to understand and comply with New York Reg 187. 187 comes into effect for life insurance products. ALSO, there is a link below to the new suitability form to satisfy the new best interests standard. On February 1, 2020, NYS Reg. For example, Quest CE has a course available titled, “New York’s Best Interest Amendment to Regulation 187,” which provides an essential understanding of Regulation 187 and associated implementing acts for selling annuities in New York. Reg. Stay up-to-date on industry news, compliance best practices and Quest CE course offerings. Will you be prepared to meet these new requirements, including the "best interest of the consumer" standard that applies to all life insurance and annuity sales? 187 training from other vendors? This regulation carries important obligations – and penalties for noncompliance – for affected organizations.
They’re entitled to do that, but the agent is going to want to have clear documentation that they recommended against it and the carrier would want to see that as well. 187 training from other vendors? It requires insurers to establish new standards and procedures for how agents and brokers make insurance and annuity product recommendations.
That was one day before the regulation, as applicable to variable annuity products, went into effect.
Versions of the courses shown above are also available for producers holding a New York Nonresident Insurance License.
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