William Penn Regulation 187 Suitability Training / Guidelines

William Penn just came out with their guidelines for Regulation 187.  Instructions are below but the gist of it is that you will need to log into LIMRA, go to the Best Interests section and click on the link for Legal & General.  It will then show you a product overview and that is the extent of their training.  I highly encourage everyone to do this right away since the William Penn term product is popular.  Will only take a 2 minutes.

ALSO, there is a link below to the new suitability form to satisfy the new best interests standard.

Starting on February 1, 2020, New York’s Regulation 187 will require agents to comply with a “best interest” standard when selling life insurance to New York residents. 

When does Regulation 187 go into effect?
February 1, 2020.Will LGA provide Reg. 187 training?
Yes, through LIMRA, training code 1201. Start your training now by clicking on the Compliance Training button at the top right of the screen.

Will LGA accept Reg. 187 training from other vendors?
Yes, though if the vendor is not on any Reg. 187 training approved vendor list we reserve the right to request additional training. Find the list of approved vendors in our previous announcement.

Will LGA provide product training?
Yes, our LIMRA training module will include a link to the Products At A Glance flyer, which will provide training on all of our product features.

Will LGA provide a Reg. 187 form for me to use?
Yes, LGA has created a form for you to use to satisfy your obligation to conduct a best interest analysis. Download here.

To whom should I provide copies of the completed form?
Submit your completed best interest form with the application to William Penn and provide a copy to your client.

When must I submit the Reg. 187 form to LGA?
Since you are required to engage in the best interest analysis at the time of a recommendation, you must submit the Reg. 187 form with the application.

Posted in Uncategorized