Broker Check

What you need to know before submitting a MassMutual application in New York

Reg 187 Training Requirements

Required Training

  • All brokers must complete Best Interest and MassMutual proprietary product training PRIOR to obtaining an application with a contract state of NY.
  • See NY Reg 187 Quick Start Training for Brokers for training instructions.

Illustrations 

All pages of a signed and dated illustration must be submitted with the application

  • Illustration must include insured’s full name, age, gender and plan.
  • Broker’s name, license number if required and business address.
  • Illustration must include product summary and disclosures.
  • Illustration must match the benefits on the application.
  • Illustration must be signed prior to or same day as the application. 
  • Illustrations dated after the application date will not be accepted.

DocuSign for Illustrations now available!

For applications in NY State that require a signed illustration you can now have the client DocuSign prior to attaching to EZ-app.  Click here for directions.  As a reminder, if the client is applying for multiple policies each illustration must be signed and attached to the EZ-app.  There will be no exceptions. 

 

Suitability Questionnaire 

  • Producers must disclose suitability rationale on the Suitability Questionnaire that forms the basis of the recommendation. 
  • All NY applications must include the Reg 187 Suitability Questionnaire.  Information must be obtained on the policy owner.  We recommend that you familiarize yourself with the questionnaire so that you are obtaining the appropriate information from your clients. 
  • The Reg 187 Pocket Guide can help you determine suitability for clients when the contract state is NY. 
  • The Guide to the Life Insurance Suitability Questionnaire breaks down each section of the suitability questionnaire and is a good reference.
  • Complete Life Products Post Issue Full Suitability Questionnaire (FR2291) for the following changes to an existing policy:
             - Face increase to an existing policy
             - Addition of a new unscheduled ALIR
             - Term or VUL conversion in the first year
  • Upon submission, suitability and underwriting processes will run concurrently.
  • There is a different suitability form for Conversions

Client Resources

  • Our Client Brochure can be shared with your clients to walk them through how Reg 187 helps to prioritize their best interests, as well as Mass Mutual's approach for complying with this regulation. 
  • This Suitability Worksheet with effective tax rates can help you and your clients determine their annual household disposable income. This can assist in ensuring coverage will be affordable in light of current and future expenses.
  • Use this Life Insurance Needs Assessment Questionnaire to help identify current, short-term and long-term future needs and appropriate products in line with the client’s financial situation.

Conversions to ALIR Disallowed in New York

Because of financial suitability requirements included in Regulation 187, MassMutual no longer allows term insurance conversions to the Additional Life Insurance Rider (ALIR) in New York, effective Dec. 31, 2019.

Beginning March 1 in all states except New York, the company will permit conversions of term policies to scheduled, unscheduled, or planned ALIR as follows: 

  • The term policy converted must be at least one year old.
  • The whole life policy must be newly issued.
  • The conversion cannot be a face-amount increase to an existing whole life policy.
  • The Renewable Term Rider (RTR) and Life Insurance Supplement Rider (LISR) cannot convert to ALIR

Reg 187 & Replacements

Brokers are required to do more leg work before application submission when replacing a policy. Please note that this does not replace the current MassMutual Regulation 60 process, this is in addition to. *There is no exception to the submission of the below requirements with an application.

  • Signed Conforming Illustration
  • Inforce Illustration from the Replacement Company
  • Replacement Producer Explanation (FR2332) – (does not need to be signed by the client)
  • Replacement Comparison Worksheet (FR2331) – (does not need to be signed by the client)

Additional Resources