Checks and Balances

When the states don’t like what the federal government is doing, they make their own laws. New York State issues its own Best Interest regulation.

NEW YORK DEPARTMENT OF FINANCIAL SERVICES ISSUES FINAL LIFE INSURANCE AND ANNUITY SUITABILITY AND BEST INTERESTS REGULATION PROTECTING CONSUMERS FROM CONFLICTS OF INTEREST

Press Release: https://www.dfs.ny.gov/about/press/pr1807181.htm

Regulation: https://www.dfs.ny.gov/insurance/r_finala/2018/rf187a1txt.pdf