The New York State Department of Financial Services (NY DFS) has released the final version of Best-Interests Regulation 187 (NY 187). The final regulation, now called “Suitability and Best Interests in Life Insurance and Annuity Transactions,” will require producers and insurers to implement a process that ensures they’re acting in the consumer’s best interest when recommending an annuity or life insurance policy issued in New York. The new regulations, which went into effect for annuity products in 2019, will take effect on February 1, 2020, for life insurance policies. Learn more
Presale Training | Suitability Review | |
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NY Reg 187 Best Interests Training |
Carrier-specific Product Training |
Case Suitability Review |
If you sell New York life insurance, you will now be required to complete two types of training prior to soliciting business in New York:
You will also need to go through suitability review prior to policy issue. This includes:
Vendor | Course Title |
RegEd |
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LIMRA | Overview of State Best-Interests Requirements |
Kaplan |
Versions of the courses shown above are also available for producers holding a New York Nonresident Insurance License. |
QuestCE |
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SuccessCE | NY Regulation 187 and NAIC Suitability |
Please note: some vendors may not offer a combined Life and Annuity Transaction course, and therefore, separate courses will be required.
Vendor | Course Title | General Access Information |
RegEd |
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After logging into the ATP site, you will need to enter the following product codes to order these courses. For our Fixed product training, the code is LincolnFixedLife. For our Variable product training the code is LincolnVariableLife. Finally, use LincolnMoneyGuard for our MoneyGuard® course. |
LIMRA |
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After registering, courses are available under “My Product Training” in the left hand rail or along the bottom of the page. |
Kaplan |
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Courses are available after registration. They will be housed under Product Training. |
QuestCE |
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Courses are available when registering. Existing users will need to have Lincoln Financial Group selected as one of the carrier’s in their “account setup” to view courses. |
SuccessCE |
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Courses are available after registering. Returning visitors will find the course after selecting New York and then “Life.” |
Case Suitability Review | Requirements |
For fixed applications | The suitability review may be conducted by Lincoln or may be delegated to Broker-Dealer/Agency partners, as permitted by the final rule:
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For variable applications | Suitability review will continue to be completed by the Outside |