The New York Department of Financial Services (NY DFS) released the final version of best-interest Regulation 187. The final regulation, now called “Suitability and Best Interest in Life Insurance and Annuity Transactions”, will require producers and insurers to implement a process ensuring they’re acting in the consumer’s best interest when recommending an annuity or life insurance policy issued in New York.

The new regulation takes effect on:

• August 1, 2019 for annuity contracts
• February 1, 2020 for life insurance policies

NEW for Life

Life Training Requirements

NY State Training Requirement is currently available through RegEd:

• Visit RegEd at: https://secure.reged.com/TrainingPlatform/
  • Available courses are 484_NY (5hr) and 485_NY (1hr)
    • Agents can choose which course to take
    • Either course satisfies the state requirement
      • 484_NY applies toward NY state CE credits
  • These courses satisfy the requirement for both life and annuity business

National Life Group Life Product Training Requirement:

• Available on the Agent Portal 1/20/2020
  • Go to www.nationallife.com and log into your account.
    • Go to the Training/Product icon
      • Under Product click on Life
        • Click on the Products Training icon
        • Please click on and read each training
        • Don’t forget to check the box indicating you have read all the materials and click Submit.

If you have questions regarding product training email contracting@nationallife.com.

Recorded training

Term Basic Illustration Training
IUL Illustration Training
TotalSecure Illustration Training

New and Updated Life Application Forms

• New York Suitability Disclosure Checklist (form 20660)
• Disclosure Form – Full Time Agents (form 20659)
• Confidential Financial Questionnaire (form 1392)

Please note that the forms above will not be available in eApp until February 8th. A paper version must be submitted until that time.

For additional information regarding NY Regulation 187 click to view: NY Regulation 187 is Coming article.