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On October 31, 2023, the Department of Labor published a new proposed regulation (the “Proposed Rule”) defining “investment advice” for purposes of determining when someone advising an. ....
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To embed, copy and paste the code into your website or blog: The amended Regulation 187, Suitability and Best Interests in Life Insurance and Annuity Transactions (Regulation) took effect Aug. 1, 2019, for annuity sales, and began applying to life insurance sales on Feb. 1, 2020. The amendment required recommendations to be in the best interests of the consumer, among other things and imposed substantial burdens on insurers and their distribution forces, including insurance Producers. On April 29, 2021, In the Matter of INDEPENDENT INSURANCE AGENTS AND BROKERS OF NEW YORK, INC., et al., v. NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES et al., the Appellate Division of the New York Supreme Court unanimously ruled that the New York Department of Financial Services’(“DFS”) Amended Regulation 187 is “unconstitutionally vague.” The court noted that the Regulation uses “subjective terms,” “fails to provide sufficient concrete, practical guidance for produce ....
The ruling states that “while the consumer protection goals underlying promulgation of the amendment are laudable, as written, the amendment fails to provide sufficient concrete, practical guidance for producers to know whether their conduct, on a day-to-day basis, comports with the amendment’s corresponding requirements for making recommendations and compiling and evaluating the relevant suitability information of the consumer.” Further, the ruling states, “although the amendment provides certain examples of what a recommendation does not include (i.e., ‘general factual information to consumers, such as advertisements, marketing materials, general education information’ and ‘use of … interactive tool[s]‘… the remaining definitional language is so broad that it is difficult to discern what statements producers could potentially make that would not be reasonably interpreted by the consumer to constitute advice regarding a potential sales transaction and th ....