Complying With NY's New Insurance Recommendation Rule
Law360 (August 5, 2019, 5:36 PM EDT) -- New York’s first amendment to Regulation 187 went into effect Aug. 1, 2019.
Regulation 187 regulates recommendations made by a producer in the sale of a policy or certain in-force transactions. In particular, the regulation is concerned with direct producer involvement and requires a producer to act in the best interest of the consumer when making a recommendation. There were several revisions proposed in the first amendment that were ultimately adopted into the regulation. Life insurers also face basic obligations under the amended regulation.
Overall, the requirements and responsibilities of producers and insurers remain largely unchanged from the initial draft of...
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