New York Best Interest Proposal ‘Burdensome,’ Law Firm Finds
January 12, 2018 by John Hilton
The “best interest” standard proposed by New York State exposes insurance/annuity writers to liability risks that exceed the Department of Labor rule, a prominent law firm concluded.
Announced early this month, the New York proposal imposes “burdensome compliance obligations” and “certain requirements that appear impractical,” the law firm Drinker Biddle & Reath concluded in its analysis.
Likewise, the New York standard exceeds the model law prepared by the National Association of Insurance Commissioners, the law firm added. NAIC model laws are usually the standards that states defer to when adopting insurance regulation.
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