Update:

NY Regulation 187

What you need to know

The New York Department of Financial Services (NY DFS) has released the final version of best interest Regulation 187. Regulation 187 requires producers to implement a process that ensures they are acting in the consumer’s best interest when recommending life insurance policies issued in New York. This regulation went into effect on February 1st.

Best Practices Before Selling Life Insurance in New York:

1. Complete a financial services course for NY Regulation 187 Best Interests from a continuing education provider prior to soliciting life insurance in New York.

2. Use the Custom Coverage tool below to help determine which product is right for your client based on their needs and to assist with the completion of all necessary carrier suitability forms at the time of application.

3. Contact our internal sales team for assistance with product and carrier selection, and to secure all necessary application forms.

4. Prior to taking an application, email contracting@duncanar.com to confirm your appointment and training status with the carrier. Training specific to each carrier and product is required in addition to the state training.

Contact your dedicated brokerage team with any questions.

Below you will find links to resources that provide additional information regarding the regulation and provide tools to assist you with training and implementation.

NY DFS Regulation 187 Reference Guide

Includes an overview of key responsibilities for producers and important FAQs

Custom Coverage - REG 187

Checklist to assist with determining product suitability for clients – This does not replace carrier suitability forms!

REG 187 Carrier Product Training - Approved Vendors

Displays approved vendors by carrier for their specific product training

Additional Reading

For Financial Professional Use Only.