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On October 20, 2022, New York State's highest court unanimously held that the First Amendment to New York Department of Financial Services ("NYDFS") Insurance Regulation 187 (11 NYCRR pt. 224). ....

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New York's "Best Interest" Rule for Life and Annuities Found Constitutional | 10 | 2022 | Publications | Insights & Publications

New York's "Best Interest" Rule for Life and Annuities Found Constitutional | 10 | 2022 | Publications | Insights & Publications
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New York Appellate Court Holds New York Department of Financial Services Regulation 187 Violates Due Process Rights as it is Unconstitutionally Vague | Bressler, Amery & Ross, P.C.

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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 ....

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