Please review and submit the comment letter below to the NY Department of Financial Services (DFS) regarding their proposal to adopt a best interest standard for sellers of life insurance products and annuities.

Specifically, the proposal:

• Establishes a new standard for life insurance professionals by expanding the scope and requirements of the current NY suitability standard for annuities. Applies this new standard to life insurance producers and life insurance policies—including in-force policies.
• Exempts qualified plans (including employer sponsored IRAs), mutual funds, or other securities unless related to life insurance or annuity products.
• Is similar to the DOL’s “best interests” standard and ERISA “prudent person” rule.
• Defines a best interest recommendation as one that is made “without regard to the financial or other interests of the producer, insurer, or any other party.”