Attorneys Expect N.Y. To Appeal Court Rejection Of Annuity Best-Interest Rule
June 1, 2021 by Tracey Longo
The insurance and annuities industries may have breathed a collective sigh of relief when the New York Supreme Court Appellate Division on April 29 struck down New York’s amendment to create a best-interest standard for annuities and life insurance sales. But any relief may be short-lived.
That’s because the New York Department of Financial Services (DFS) is likely to appeal the decision or rewrite the Insurance Regulation 187 amendment, according to Faegre Drinker attorneys who discussed DFS’s next steps and the fallout for the industry during a recent recent podcast.