N.Y. Supreme Court Upholds State Fiduciary Rule For Annuities
August 13, 2019 by Tracey Longo
The New York Supreme Court has upheld the state’s contentious fiduciary rule governing annuities and lift insurance sales practices.
The ruling (https://www.dfs.ny.gov/system/files/documents/2019/08/reg187.pdf) found that the New York State Department of Financial Services was neither “arbitrary” nor “capricious” in “providing guidelines for trustworthy and competent producer practices and preventing self dealing by producers at the consumer’s expense,” Acting Supreme Court Justice Henry F. Zwack wrote in the ruling.
The decision is a blow to the insurance industry and the trade groups who filed complaints asking the court to dismiss the state regulator’s rule.
Click HERE to read the full story via Financial Advisor.