Suitability and Best Interests Regulation
The Department of Financial Services has issued a final regulation, adopting a best interests standard for those licensed to sell life insurance and annuity products in New York. Amendments to 11 NYCRR 224 (Insurance Regulation 187) will ensure that all recommendations related to the sale of these products will be in the consumer’s best interests. The new regulation became effective August 1, 2019 with respect to annuity transactions and February 1, 2020 with respect to life insurance policies.
Titled “Suitability and Best Interests in Life Insurance and Annuity Transactions,” the regulation clarifies the duties and obligations of insurers and producers, requiring them to establish a best interests standard of care and a program of supervision to ensure compliance by both the insurer and the producers recommending its products. Compliance includes the insurer’s responsibility to ensure that every producer is adequately trained to make the recommendation. The regulation does not require the completion of a specific training course, nor is the training a requirement to maintain the insurance license.
As a courtesy to New York producers, Provider Organizations approved to offer continuing education (CE) courses have developed suitability/best interests courses and have DFS approval to offer these courses for CE credit. A producer completing these courses can earn CE credit towards the renewal of their insurance license and may satisfy the suitability/best interests training requirements of the insurance companies with whom they work. It is the responsibility of the producer to know these training requirements.
DFS approval of these provider organizations or courses does not constitute acceptance of any explanation or interpretation of Regulation 187 that may appear in the course materials nor should it be construed as the Department requiring, approving, or favoring any particular approach to compliance with the regulation.
For additional information regarding the approved continuing education courses, contact the following Approved Provider Organizations:
|Provider Organization||Name||Street Address||City, State and Zip Code||Phone Number||Email Address|
|A.D. Banker & Company, LLC||Laurie Coe||7311 W. 130th St. #160||Overland Park, KS 66213-2718||(913) 451-1280 x214||[email protected]|
|Broker Educational Sales and Training||Lori Hoelscher||7137 Congress Street||New Port Richey FL 34653-6457||(800) 345-5669||[email protected]|
|Cape School Inc.||Rene Carwile||PO Box 169||Buckingham, VA 23921||(800) 729-7363||[email protected]|
|ClienTell, Inc.||Jennifer Woods||2 Corporate Plaza, STE 100||New Port Beach, CA 92660||(949) 706-9453||[email protected]|
|Insurance Career Training, Inc.||Todd Eschmann||5792 Coopers Hawk Drive||Carmel, IN 46033||(317) 863-0044||teschmann@insurancecareertraining|
|Kaplan Financial||Justin Olson||332 Front Street South, Suite 555||LaCrosse, WI 54601||(608) 779-5599||[email protected]|
|National Underwriter Company||Joyce Coots||5081 Olympic Boulevard||Erlanger, KY 41018||(859) 692-2263||[email protected]|
|On-Site Insurance School||Theresa Mahoney, Director||147 E. Merrick Road, Unit A||Valley Stream, NY 11580||(516) 887-7644||[email protected]|
|POHS Educational Centers||Stanley Gruverman, President||Suite C-100; 1400 Old Country Road||Westbury, New York 11590||(516) 997-8360||[email protected]|
|Quest Continuing Education Solutions||Linda Krenke||STE 1000; 10850 West Park Place||Milwaukee WI 53224||(414) 375-3402||[email protected]|
|RegEd, Inc.||Brandi Brown||2100 Gateway Centre Blvd., Suite 200||Morrisville, NC 27560||(800) 334-8322 x5256||[email protected]|
|United Insurance Educators, Inc.||Cassandra Jenkins||8213 352nd St. East||Eatonville, WA. 98328||(800) 735-1155||[email protected]|
|WebCE||Eugene Barnes||Suite 500, 12222 Merit Drive||Dallas, TX 75251||(800) 488-9308||[email protected]|