New York Appellate Court Holds New York Department of Financial Services Regulation 187 Violates Due Process Rights as it is Unconstitutionally Vague
By EsqSocial Corporation 03/05/21
The amended Regulation 187, Suitability and Best Interests in Life Insurance and Annuity Transactions (Regulation) took effect Aug. 1, 2019, for annuity sales, and began applying to life insurance sales on Feb. 1, 2020. The amendment required recommendations to be in the best interests of the consumer, among other things and imposed substantial burdens on insurers and their distribution forces, including insurance Producers....
By: Bressler, Amery & Ross, P.C.