NY Reg 187 Training | What New York Life Insurance Brokers Need to Know
Published: 08.22.2024
What is NY Reg 187?
The New York State Department of Financial Services (NY DFS) released the Suitability and Best Interests in Life Insurance and Annuity Transactions regulation, also known as NY Reg 187, to create processes to ensure insurance brokers and insurers are acting in a consumer’s best interest and are appropriately addressing the insurance needs and financial objectives of the consumer when recommending to purchase, or not purchase, annuity or life insurance policies issued in New York. The rule is also designed to prevent financial compensation or incentives from influencing the broker’s or insurer’s recommendation to consumers.These regulations became effective August 1, 2019 for annuity transactions and February 1, 2020 for life insurance transactions.
What do life and annuity brokers need to do to comply with NY Reg 187?
To comply with the New York Regulation 187 requirements, brokers must complete the following pre-sale training PRIOR to soliciting business in New York. This training is only required to be completed once.
- Complete a NY Regulation 187 Suitability and Best Interest Course
- Complete carrier-specific product training
Steps for completing the NY Regulation 187 Suitability and Best Interest Course
RegEd is the most widely recognized and accepted platform to complete the NY Reg 187 Suitability and Best Interest Course.To get started, visit the RegEd Training Platform.
- Under Producers Get Started, click on “Register online” found on the right side of your screen and complete the required Self Registration information
- Upon completion, click “Register” located at the bottom of the screen
- Select State Suitability Training and click on “Proceed” in the center of your screen
- Click “Select New Courses and CE Credit”
- Choose “I DO NOT want to receive Insurance and/or Professional Designation CE Credits” and click “Proceed”
- Search for the course named “Best Interest of Clients in Life Insurance or Annuity Transactions: NY Reg 187-1 Hour Course (485_NY)”
- IF DOING BUSINESS WITH PRINCIPAL LIFE IN NY, YOU MUST COMPLETE ONE OF THESE COURSES IN LEUI OF #485_NY: “Best Interest of Clients in Life Insurance Transactions: NY Reg 187-2 Hour Course (484_NY_L)” or “NY Reg 187: Suitability and Best Interest of Clients in Life Insurance or Annuity Transactions - 5 Hour Course (484_NY)”
- Check the box next to the course and click “Proceed,” then “Submit Your Order” and “Go To Course”
- Save the completion certificate for your records and email a copy to indlifecontracting@savoyassociates.com
Steps for completing NY Regulation 187 Carrier-Specific Training
Use the chart below to complete the specific product training for those carriers that require it. Please email a copy of your completed training certificate(s), where applicable, to indlifecontracting@savoyassociates.com.| CARRIER | PRODUCT TRAINING LINK | PRODUCT TRAINING INSTRUCTIONS |
|---|---|---|
| AMERITAS | Click HERE | Enter Product Code 20AMERITAS_01 and click “Submit” |
| COREBRIDGE (AIG/USL) | Click HERE |
|
| JOHN HANCOCK | Click HERE | Enter Product Code JHNY2022 and click “Submit” |
| MASS MUTUAL | Click HERE | Enter Product Code pertaining to your sale. |
| NATIONAL LIFE | Click HERE |
|
| NATIONWIDE | Click HERE | Enter Product Code pertaining to your sale |
| PROTECTIVE LIFE | Click HERE | Enter Product Code pertaining to your sale |
| PRUDENTIAL | Click HERE |
Enter Product Code pertaining to your sale and click “Submit”
|
| TRANSAMERICA | Click HERE |
Enter Product Code pertaining to your sale and click “Submit”
|
How can I learn more about NY Reg 187 requirements and life insurance solutions through Savoy?
Savoy’s dedicated team of Life Insurance experts is ready to help. Contact us today to learn more about our carrier relationships, broker resources, quoting technology and how we are helping brokers elevate their business.Contact our Life Insurance Team today!
