NAEPC Webinar - The Ethical Considerations of NYS DFS Reg 187
On July 18th 2018, the New York Department of Financial Services (NY DFS) issued the nations first "clients Best Interest Rule". Similar to other Fiduciary Laws, this rule defines the meaning of “clients’ best interests” for life insurance product recommendations based on a careful, skilled, prudent, and diligent evaluation of costs, performance, and risks relative to benefits. Additional states have announced their own Fiduciary legislation.
In this important, wide-ranging presentation, we will review the Best Interest Rule that raises significant ethical considerations for estate planners and life insurance producers serving fiduciaries and/or working under a fiduciary definition of “clients’ best interests” both in and outside New York.
Steven is uniquely qualified to help estate planning professionals better understand the ethical implications and new business opportunities created by the “new fiduciary era for life insurance”. He helps CPAs, wealth managers and attorneys guide their clients’ insurance decisions based on this prudent process.
Steven is an expert in applying Prudent Investor guidelines to life insurance product selection/retention and portfolio management according to established and proven asset management doctrine. He is guided by the Uniform Prudent Investor Act, FINRA Rule IM 2210, NY DFS Regulation 187 "Clients Best Interest" rule and lessons learned from the first adjudicated fiduciary lawsuit regarding Trust Owned Life Insurance AKA Cochran v. Key Bank.
