August 3, 2019
SUPERINTENDENT OF FINANCIAL SERVICES LINDA A. LACEWELL ON NEW YORK STATE SUPREME COURT DECISION ON “BEST INTEREST” REGULATION 187
New York – Superintendent of Financial Services Linda A. Lacewell issued the following statement on New York’s “Best Interest” Regulation 187:
“I am pleased that New York’s Insurance Regulation 187 was resoundingly upheld by the court,” said Superintendent Lacewell. “DFS is the first insurance regulator to implement a ‘best interest’ standard that requires sellers of annuities and life insurance to act in the best interest of consumers when providing recommendations. This ruling recognizes that DFS acted within its grant of authority when implementing the amendment. This is a common sense regulation and it is a step in the right direction to protect consumers by ensuring that only consumers’ needs and financial objectives are considered in any transaction.”
A copy of the New York State Supreme Court decision can be found on the DFS website.