Complete one-time required training
New York Regulation 187, also called “Suitability and Best Interests in Life Insurance and Annuity Transactions,” sets a standard of conduct for producers when interacting with clients and making recommendations for any life insurance or annuity business in New York State. The regulation became effective Aug. 1, 2019, for annuity contracts, and goes into effect Feb.1, 2020, for life insurance policies with a contract state of New York. MassMutual has set Jan. 25 as the implementation date for all process changes associated with the regulation. Producers must ensure Best Interest for new sales transactions. The Best Interest for New Sales Transactions Job Aid can help with this process.
How do producers prepare? Producers submitting New York life insurance business on or after Jan. 25 must meet the following requirements:
The Best Interest training is available now via RegEd, LIMRA, Kaplan and Quest CE. Producers are strongly encouraged to complete it by mid-November so they have capacity to take the proprietary product training modules when they become available in early December. The Field Training Quick Start Guide for brokers describes and links to the Best Interest training courses that allow producers to receive reciprocity from several other carriers. It also includes a preview of all training resources coming this year to support producers and other firm staff in preparing for the regulation. View the first in a series of videos
To help brokers prepare for NY Reg 187, a series of monthly videos will be shared now through implementation.
The first video—NY Regulation 187: And the Sale of Life Insurance for brokers (approximately 16 minutes)—is available now. It shares key facts about the regulation, why it’s important to you, and defines the guiding principles of how MassMutual ensures producers are acting in the best interest of clients.
The NY Reg 187: For Brokerage Directors & Brokers - A NY State of Mind: Key Facts You Need to Know & What Best Interest Means to MassMutual reference sheet is a companion piece to the video that outlines these principles and how we put them into practice.
MassMutual Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001, and its affiliated companies
For financial professional use only; not for use with the public.