New York 187 Rule Changes

Are you ready for the February 1, 2020 implementation deadline?
 
In 2019, the New York Department of Financial Services (DFS) announced an amendment to the “New York Insurance Regulation 187” that affects annuities and life insurance sales.

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 “It requires insurers to establish standards and procedures to supervise recommendations by agents and brokers to consumers with respect to life insurance policies and annuity contracts issued in New York State so that any transaction with respect to those policies is in the best interest of the consumer and appropriately addresses the insurance needs and financial objectives of the consumer at the time of the transaction.” (DFS Press Release)

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What does this mean for compliance supervisors? For firms issuing annuities, they must now do an online review for names and titles used by the registered representative that are selling their products in the State of New York.

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“An insurer shall establish, maintain, and audit a system of supervision that is reasonably designed to achieve the insurer’s and producers’ compliance with this policy.” (Section 224.6)

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Eagle Eye is already the partner of choice for many firms when it comes to supervising a registered representative’s online presence. With this updated rule, those utilizing our Eagle Eye application have a tool in place that monitors for this new regulation.

Consider partnering with Eagle Eye. For 10 years, SiteQuest Compliance is a trusted supervision and compliance partner. Let us show you how our application will save you time while streamlining your supervision processes and automatically documenting and reporting on your findings.

Contact us today to schedule your personalized demo.
 
Sources: https://www.dfs.ny.gov/about/press/pr1807181.htm
https://www.dfs.ny.gov/docs/insurance/r_finala/2018/rf187a1txt.pdf