NY Judge Upholds State’s Tough Annuity Sales Regulation
August 6, 2019 by John Hilton
NEW YORK CITY — A New York judge upheld the toughest annuity sales standard in the nation Thursday, dismissing a lawsuit brought by industry opponents on the same day the rule took effect.
Acting Albany County Supreme Court Justice Henry Zwack ruled that the New York State Department of Financial Services was within its authority when it issued Regulation 187.
Both regulators and industry executives were buzzing about the decision this morning at the National Association of Insurance Commissioners’ Summer Meeting in Manhattan. An NAIC working group is working through final drafts of an annuity sales model law and New York officials are lobbying the group to adopt its tough standard.
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