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Two Minutes With Tim: NY Reg 187 - February 1, 2020 Compliance Date

​The new "best interest" standard for l​ife insurance in New York Insurance Regulation 187 takes effect tomorrow. While Big I New York proceeds with its legal action​ against this change, insurance agents must comply. 

 

Big I NY ​​​Regulation 187 page​

There's Something Fishy About This Loss

​Sure, Farmers Insurance says they've seen a thing or two​, but have they seen this item​ from the Insurance Information Institute's The Triple I Blog? I don't think so.

Sometimes the blog posts just write themselves.

 

ABC News in North Carolina reports that a driver in the state looked up and saw a bird carrying a huge fish.

 

“It was one of those slow-motion moments in life. I saw the fish and I saw him drop it,” said Rhesa Walston of Beaufort, North Carolina.

 

The catfish smashed straight into her windshield.

 

It happened so quickly she didn’t have time to react.

 

“There was glass all over my front seat…glass on my lap,” Walston told ABC News.

Two Minutes With Tim - NY SHIELD Act - What Do Insurance Agencies Have To Do?

​New York enacted a cybersecurity law last year. What does that mean for insurance agents and brokers? If they're complying with the New York regulation on Cybersecurity Requirements for Financial Services Companies, not much. Just be prepared to notify the state attorney general if something goes seriously wrong. Watch:

 

Big I NY report, June 21, 2019

New York General Business Law Section 899-bb

Two Minutes With Tim: Best Interest Standard (NYS Reg 187) - Do You Have To Take a Course?

​Starting on February 1, 2020, New York licensed life insurance producers must meet a "best interest" standard when making recommendations to clients. The good news: They aren't required to take a course for it. However, we believe they should anyway. Watch:

 

NYS Department of Financial Services post

Free Big I NY webinar registration

Two Minutes With Tim - NY Cyber Regulation - Do You Have To File the Notice of Exemption Each Year?

​Probably not. ​

 

​Do you need to submit a new "notice of exemption?"

Two Minutes With Tim - NY Cyber Regulation - Certification of Compliance Deadline Changed

​The New York State Department of Financial Services is giving you more time to make your annual filing.

 

DFS announcement​​

Big I NY report​