Two upcoming regs will affect business in New York (PAN version)
Early next year, the second component of Reg 187, specific to life insurance, and new cybersecurity requirements will take effect for business written in New York—whether it’s new or existing business.
We’re working on changes to help you meet the requirements and avoid potential business processing delays. Later, we’ll share specific action steps. For now, put this on your radar so you understand how the regulations impact you.
Reg 187 takes effect February 1
The New York Department of Financial Services (NYDFS) issued the “Suitability and Best interests in Life Insurance and Annuity Transactions” regulation to adopt a best interest standard for life insurance (like they did for annuities in August).
There are two requirements you need to meet:
- Best interest training
(If you’ve completed it for annuities, no need to do it again.)
- Life insurance product education
Watch for more information about approved training options, product education resources, and business process changes coming soon.
Cybersecurity takes effect March 1
You will also start to see and hear references to a new NYDFS cybersecurity regulation, detailed in Section 500.11. You don’t need to take action. As part of the Principal Advisor Network, you’re covered under our cybersecurity regulation program. Just know that this is a separate regulation with a similar time frame, and your exemption only applies to the cybersecurity regulation.
More details will come. But if you have a question now, we’re here to help. Call the National Sales Desk at 800-654-4278.
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