From Staff Reports
LIMRA and LOMA are offering a comprehensive training program to help sales professionals and home office employees understand and comply with New York Regulation 187, which goes into effect on Aug. 1, 2019.
The program, Understanding Best Interest: New York Reg. 187, offers two comprehensive courses – one for sales professionals and one for home office employees.
The producer training is tailored to provide the information sales professionals need to know to comply with New York Reg. 187, while the home office training describes how the rule could impact those working in new business/suitability review, customer service, agent service, operations, and other roles.
“The regulatory environment is evolving rapidly and it is critical that our members keep their workforce informed of the latest requirements so they can continue to best serve their customers’ financial needs,” said Dave Levenson, president and CEO, LIMRA, LOMA and LL Global. “Our new courses were developed to provide engaging, convenient training to help comply with the regulation, and priced to be cost-effective for our members.”
The online, interactive courses can each be completed in approximately 45 minutes and include a mix of education and scenario-based material. After completing this course, learners will be able to:
• Describe the purpose of NY Reg. 187, who the regulation applies to, and when the regulation applies
• Explain how the rule defines a “recommendation” and identify actions that are not considered recommendations under the rule
• Distinguish between sales transactions and in-force transactions and explain the duties that producers and insurers must carry out for each type of transaction
• Describe how a producer demonstrates that she is acting in the best interest of a consumer
• Describe the suitability information that may be collected, shared and documented when a producer makes a recommendation to a consumer
• Describe the suitability factors to be considered when a recommendation involves a replacement
• Explain the insurer’s obligations under the regulation related to suitability reviews, supervision, and prevention of financial exploitation and abuse