Regulation 187 - Suitability and Best Interest in Life Insurance and Annuity Transactions
The New York State Department of Financial Services promulgated Insurance Regulation 187 (11 NYCRR 224), Suitability and Best Interest in Life Insurance and Annuity Transactions (Regulation 187), with an effective date of August 1, 2019 for annuity transactions and February 1, 2020, for life insurance transactions.
Regulation 187 takes a principles-based approach, setting standards that must be met but also affording significant flexibility in how producers and insurers meet those standards. Regulation 187 does not impose any particular systems, forms, or procedures for meeting the requirements of the regulation.
To assist insurers and producers in complying with Regulation 187, the Department has issued the following guidance and compiled some frequently asked questions.
See also:
- Guidance for Filing Disclosures Pursuant to Sections 224.4(m) and 224.6(h) of Regulation 187 or for adding Producer Attestations or Certifications to Application Policy Forms
- Supplemental Guidance Regarding Section 224.6(h) of Regulation 187
- FAQs Regarding the First Amendment of Regulation 187
- FAQs Regarding Section 224.4(f) of Regulation 187
- FAQs Regarding Suitability Information, Modified Recommendations, and Training of Regulation 187