27. The proposed regulation comes as the federal government has recently delayed by a year and a half implementation of similar, increased regulations on those who sell life insurance and annuities. “As Washington continues to ignore and roll back efforts to protect Americans, New York will continue to use its role as a strong regulator of the financial services and insurance industries to fight for consumers and help ensure a level playing field,” Cuomo contended in the release. “Given the key role insurance products play in providing financial security to middle class New Yorkers, it is essential that a provider adhere to a higher standard of care and only recommend insurance and annuity products that are in the consumer’s best interests,” Maria Vullo, New York’s financial-services superintendent, said. On Nov. 27, the U.S. Department of Labor (DOL) announced that it would delay by 18 months implementation of a fiduciary rule, adopted under the previous administration, which expands the definition of investment advice under the federal Employee Retirement Income Security Act, applies to certain annuity and life-insurance sales, and requires financial advisors to adhere to “enhanced” standards of conduct. The date of implementation has been pushed back from Jan. 1, 2018 to July 1, 2019. During the 18-month transition period, “fiduciary advisers have an obligation to give advice that adheres to ‘impartial conduct standards.’ These fiduciary standards require advisers to adhere to a best interest standard when making investment recommendations, charge no more than reasonable compensation for their services, and refrain from making misleading statements,” the DOL said. The proposed amendments to New York’s current suitability regulation would provide for a “best interest standard of care” for all sales of life insurance and annuity products, “beyond” the types of advice covered by the federal DOL rule.
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