MILWAUKEE – May 28, 2019 – Quest CE, premier provider of compliance training and tracking technology solutions, today announced the release of a new course focused on New York’s Amendment to Regulation 187, which significantly expands existing suitability standards involving life insurance and annuity products.
Broker-dealers who sell annuities in the state of New York will need to abide by the New York State Department of Financial Services Best Interest Regulation 187 effective August 1, 2019. This regulation involves life insurance and annuity products and officially amends the Suitability and Best Interests in Life Insurance and Annuity Transactions.
Those who sell annuities in New York State will need to be aware of the new regulation and how it impacts their handling of annuities and life insurance products. As part of the regulation, insurers are responsible for ensuring that every producer recommending transactions with respect to the insurer’s policies is adequately trained to make recommendations in accordance with the recent amendment.
Quest CE’s course, “New York’s Best Interest Amendment to Regulation 187,” provides an essential understanding of Regulation 187 and associated implementing acts for selling annuities in New York. Broker-dealers who take the course will benefit from guidance on the amendment, exempt transactions and affected sales transaction recommendations.
Key topics include:
- What Transactions the Amended Regulation Will Affect
- Life Insurance Policies Affected by Amended Regulation 187
- Annuity Policies Affected by Amended Regulation 187
- Exempted Transactions from Amended Regulation 187
- Summary of the Amended Regulation
- How Amended Regulation 187 Affects Sales Transaction Recommendations
- How to Satisfy New In-force Recommendation Standards
- Obligations and Duties for Insurers Under Amended Regulation 187
- Insurers Subcontracting to Third Parties Under Amended Regulation 187
- Complying with Amended Regulation 187
- Practical Considerations for Broker-Dealers in New York
The course, which is approximately 1-hour in length, is currently available online within Quest CE’s Annuity Suitability Platform.* Additionally, Quest CE’s 4-hour NAIC Annuity Suitability course for New York has been updated to include a brief overview of the regulation.
“Keeping pace with changing regulation is challenging for companies of all sizes. While investor protection is paramount, it also creates a need for companies to reach and educate a large number of their workforce – and quickly,” said Quest CE EVP of Operations and Compliance, Adam Krenke. “This new course was built to help further our clients’ continuing education initiatives by providing them with easy, comprehensive and convenient access to training to help comply with the amended regulation.”
This regulation carries important obligations – and penalties for noncompliance – for affected organizations. For more information on Quest CE’s course, please contact us at (877)593-3366 or email info@questce.com.
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About Quest CE
For over thirty years, Quest CE has been the premier provider of compliance training and tracking solutions to the financial services industry. In addition to offering on-demand insurance and designation continuing education, Quest CE provides a complete spectrum of proprietary technology solutions for managing compliance risk exposures.
Serving more than 1,000 leading insurance carriers, broker-dealers, banks, and other financial institutions, Quest CE is committed to providing advanced custom solutions at cost effective rates, while providing a level of service that greatly surpasses that of our competitors. Quest CE is the single source solution for organizations’ training and compliance needs. For more information on Quest CE, visit www.questce.com.
