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Broker-Dealers Selling Annuities: Preparing for the Best-Interest Standard  

Author:  Issa Hanna.

Source: Volume 52, Number 14, August 15 2019 , pp.161-166(6)

Review of Securities & Commodities Regulation

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Broker-dealers selling annuity products in New York will soon need to comply with new best- interest requirements imposed by New York’s amended Insurance Regulation 187. These requirements, which will take effect for annuities on August 1, 2019, will also impose new documentation, disclosure, and training requirements on broker-dealers that sell annuities. The author discusses these requirements and suggests practical steps for compliance.

Keywords: New York State Department of Financial Services (“NYDFS”); Amended Regulation 187; Best-Interest Standard for Producers

Affiliations:  1: Eversheds Sutherland (US) LLP.

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