Breaking: NY Court Overturns Regulation 187
May 4, 2021 by John Hilton
The New York Supreme Court sided with plaintiffs today in overturning the toughest state annuity sales standard in the nation.
The state Supreme Court Appellate Division reversed a 2019 ruling by Justice Henry Zwack that the New York State Department of Financial Services was within its authority when it issued Regulation 187.
Regulation 187, often described as similar to a fiduciary standard, took effect in 2019 as state officials bypassed a National Association of Insurance Commissioners’ effort to create a model standard for annuity sales.