November 16, 2018
Statement by New York Financial Services Superintendent Maria T. Vullo on PIANY, Big I NY Lawsuit
The Department of Financial Services (DFS) is pleased to have the support of New York’s nation-leading life insurance industry for our Regulation 187, which sets a best interest standard for the recommendation of life insurance and annuity products. The industry agrees with DFS that it is prudent, fair and reasonable – and just simply the right thing to do – to act only in the consumer's best interests and obtain necessary financial and risk information from their clients in order to recommend a specific policy based on that data. Given the vital role that insurance products play in providing financial security to New Yorkers, it is essential that providers not be influenced by a producer’s financial incentives, adhere to a higher standard of care and only recommend insurance and annuity products that are in the consumer's best interests.