NY Regulation 187 for NLG NY Life

Effective Feb 1

Here's what you need to prepare...
The New York Department of Financial Services (NY DFS) released the final version of best-interest Regulation 187. The final regulation, now called "Suitability and Best Interest in Life Insurance and Annuity Transactions", will require producers and insurers to implement a process ensuring they're acting in the consumer's best interest when recommending an annuity or life insurance policy issued in New York.The new regulation takes effect on:

August 1, 2019 for annuity contracts
February 1, 2020 for life insurance policies

NEW for Life
Life Training Requirements

NY State Training Requirement is currently available through RegEd:
Visit RegEd at: https://secure.reged.com/TrainingPlatform/
Available courses are 484_NY (5hr) and 485_NY (1hr)
Agents can choose which course to take
Either course satisfies the state requirement
484_NY applies toward NY state CE credits
These courses satisfy the requirement for both life and annuity business
National Life Group Life Product Training Requirement:
Available on the Agent Portal 1/20/2020
Go to www.nationallife.com and log into your account.
Go to the Training/Product icon
Under Product click on Life
Click on the Products Training icon
Please click on and read each training
Don't forget to check the box indicating you have read all the materials and click Submit.

If you have questions regarding product training email contracting@nationallife.com.