NY Reg 187 Amendment May Not Be In Anyone’s Best Interest
By Patrick Gennardo, Kathy Huang, Jonathan Kim, and Rachel NaorJune 6, 2018, 4:19 PM EDT
Law360 (June 6, 2018, 4:19 PM EDT) -- On April 27, 2018, the New York State Department of Financial Services proposed an updated first amendment to its Regulation 187 that imposes a “best interest” rule on life insurers and producers licensed in New York. The issuance of the updated proposed first amendment follows the consideration of more than 35 sets of comments submitted on the Dec. 27, 2017, version of the proposed first amendment.
As many of our insurance clients are aware, the DFS first proposed an amendment to 11 NYCRR 224, also known...