The New York Department of Financial Services (DFS) has amended and renamed New York Insurance Regulation 187 to require a “best interest” standard for selling insurance products in New York.
Renamed“Suitability and Best Interest in Life Insurance and Annuity Transactions,” the New York Best Interest Regulation (Reg. 187) imposes new standards on insurance companies and the agents who sell their products.
In accordance with Reg 187, you will be required to complete a one-time training course for life insurance or annuity business. This course will be required to be completed PRIOR to submitting business in the state of NY. The course can be completed through:
Course Title – NY Reg. 187; Suitability and Best Interest of Clients in Life Insurance and Annuity Transactions
Course Code – 484_NY
Course Title – New York Suitability and Best Interests in Life Insurance and Annuity Transactions
Course Title – New York Regulation 187: Suitability and Best Interest Standard
Course Title – Suitability & Best Practices in Life Insurance & Annuity Transactions (Reg 187)
Course Title – Understanding Best Interest: NY Reg 187 for Producers
Please note, in order to take this training through LIMRA, a carrier will need to have the course added for you. Additionally, some carriers may not accept training from this vendor.