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NY Life Insurance Brokers | Don’t Forget NY Reg 187 Is Effective 2/1/2020

Published: Monday, January 27, 2020

WHAT
On February 1, 2020, the Suitability and Best Interests in Life Insurance and Annuity Transactions regulation, also known as the New York Department of Financial Services (DFS) Reg 187, becomes effective for all life insurance sales made in the State of New York.

For more information, please click HERE to view NY Reg 187. 
 
WHO
All agents are now required to complete:

  1. NY state-specific course life and annuity business. Please see below for education providers.
  2. Carrier-specific product training. Each carrier will make their own training available.
HOW
Step 1 – NY Reg 187 – NY STATE REQUIREMENT
This is a one-time, NY state-specific course for life and annuity business that will be required by all carriers before an application can be solicited effective February 1, 2020.  
 
Please visit the following links to complete training with an approved training provider:
  • REG ED: NY Reg 187, Suitability and Best Interests of Clients in Life Insurance and Annuity Transactions (Course Code: 484_NY), 800-334-8322
  • KAPLAN: New York Suitability and Best Interests in Life Insurance and Annuity Transactions, 877-731-5061
Please note: Other providers are also available; however, approved providers may vary between insurance carriers. Please contact your Savoy Individual Life representative for additional details.
 
Step 2 – NY Reg 187 – CARRIER REQUIREMENT
For additional details and further information on carrier-specific requirements, please contact Philip B. Burchman, Individual Life Sales Lead, at philipburchman@savoyassociates.com or 516.390.2706.