NY Regulation 187: Suitability and Best Interests in Life Insurance and Annuity Transactions
Effective, 8/1/2019 for Annuities and 2/1/2020 for Life, New York Regulation 187 requires both resident and non-resident producers to be appropriately trained in suitability and to act in the best interest of a client’s financial objectives. Completion of industry training, administered by a vendor, along with carrier specific product training are required prior to soliciting new business or servicing existing policies previously written in NY. Failure to complete these courses will result in declined business or rejection of servicing rights.
Product and industry training requirements vary by carrier; see below for a full listing of the carrier rulings and product training directions.
Proof of completion of the industry training must be provided to ECA Marketing. Email certificates to email@example.com. If taken with LIMRA, a date of completion is required.
To view the full regulation, click here