New York’s Financial Watchdog Proposes ‘Best Interest’ Rules
- Life insurance, annuity sellers would have to meet standard
- State regulator says move aligns with delayed federal rule
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New York State’s top financial watchdog proposed regulations that would require sellers of life insurance and annuities to act in the best interest of clients, raising standards even as the U.S. government delays its fiduciary rule.
Products that best fit clients would have to be offered before those that are most profitable to the sellers, the New York Department of Financial Services said Wednesday in a statement.