New York proposes ‘best interest’ rules amid DOL fiduciary rule delay
December 29, 2017 by Katherine Chiglinsky
(Bloomberg) — New York State’s top financial watchdog proposed regulations that would require sellers of life insurance and annuities to act in the best interest of clients, raising standards even as the U.S. government delays its fiduciary rule.
Products that best fit clients would have to be offered before those that are most profitable to the sellers, the New York Department of Financial Services said Wednesday in a statement.
President Trump’s administration has delayed implementation of parts of the Department of Labor’s fiduciary rule that was created during Barack Obama’s presidency, adding to uncertainty about the regulation’s future.