Valmark Reworks Life Sales Tool for N.Y. Best Interest Era
April 18, 2019 by Allison Bell
Valmark Financial Group is getting ready for the possibility that New York state’s new Regulation 187 best interest standard really will apply to life insurance as well as to annuities.
Valmark — an Akron, Ohio-based life insurance distribution and policy management company — announced today that it has updated its Life Assurance 360 life insurance coverage design, implementation and management program to comply with the New York state best interest standards, and similar standards developed by the CFP Board.
A best interest standard requires the sellers of affected products to put clients’ interests first, and to document that they have put the clients’ interests first.
New York regulators say the state’s best interest standard will apply to annuities starting Aug. 1, and to life insurance starting Feb. 1, 2020.