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ThinkAdvisor: LIMRA, LOMA Offer Online ‘Best Interest’ Training for NY Reg 187June 10, 2019
In a pending lawsuit, the National Association of Insurance and Financial Advisors for New York (NAIFA-NY) challenges New York State Regulation 187, which requires insurance agents, brokers, and insurers to ensure transactions are in the best interest of consumers. NAIFA-NY argues that “DFS failed to justify Regulation 187 with any factual support, showing that it acted without the aid of “special expertise or technical competence.’”
“The matter is fully briefed. We’re waiting for the judge to decide if he wants to have the parties come in for oral argument. The Court may also rule without oral argument,” says NAIFA-NY counsel and O’Melveny partner Gary Svirsky.
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