At Protective Life, our mission is to provide quality service and simplify everything for you and our mutual customers. That’s why we want to ensure you stay informed and compliant regarding regulatory changes within our industry.
As you may be aware, the New York Department of Financial Services amended New York Insurance Regulation 187 to include a “best-interest standard” related to recommendations involving life insurance and annuities. The updated regulation, renamed the “Suitability and Best Interests in Life Insurance and Annuity Transactions,” requires insurers and producers to comply with additional documentation, disclosure and training requirements related to sales and in-force transactions. For annuity products this updated regulation went into effect August 1, 2019. For life insurance products it will go into effect beginning February 1, 2020. Access this link to learn more about the amendment.
Per the amended regulation, state-specific regulatory training must be completed. Courses may be completed through Quest CE, RegEd, Kaplan or any state-approved provider. Product-specific training will be made available in December, and will be required prior to the solicitation or sale of Protective Life & Annuity Insurance Company’s products.
If you have any questions, please contact your Protective Life representative.
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