Regulation 187 already applies to annuity sales but effective February 1, 2020 this regulation will also apply to all life insurance sales. Regulation 187 requires that agents act only in the consumer’s best interest when recommending or servicing a policy in New York.
What does that mean for you?
- Best Interests training is REQUIRED for ALL life sales after 2/1/2020. The best way to get this done for free is through the LIMRA website (https://knowledge.limra.com/LimraLogin.aspx). Once logged in, click on the button labeled BI (best interests) and complete that training. There will not be a certificate produced but the insurance companies you do business with will have access to know that you have completed the training.
- ADDITIONALLY – Each individual company may or may not have product specific training that will be required. The companies have not completed their preparation for this new regulation but when it gets closer, we will provide an update with training required by company/product.
For now, get your best interest training completed and stay tuned for updates regarding product specific training. Of course don’t hesitate to reach out to us with any questions.