NEW NYS DFS Regulation 187 Best Interest Rule and its implications for estate planning professionals

Date: Monday, May 13, 2019
Time: 6:00pm - 8:30pm
Location: Four Brothers Restaurant - Mahopac, NY
Speaker: Steven Zeiger of Waxman Lawson

The New York State Department of Financial Services recently issued a Best Interest Rule for Life Insurance (Regulation 187.)  This new rule is similar to other fiduciary rules requiring life insurance producers to "act in the best interests of the consumer ... based upon an evaluation of relevant suitability information ... with the care, skill and dilligence of a prudent person considering only the interests of the consumer in making recommendations."

This educational presentation will contrast prevailing industry practices with the requirements under this new rule, consider ethical implications to other estate planning professionals (CPAs, Attorneys, Wealth Managers, etc.) and show how to comply with the new requirements using decision making framework already widely accepted by fiducuaires for most every other asset on the balance sheet. 

DISCUSSION:

·   Understand the new requirements of the NY DFS Best Interest Regulation for life insurance and how they differ from prevailing industry practices. 

·   Use a familiar decision-making framework widely-used for other assets also for the prudent selection/retention and proper management of life insurance. 

·   Differentiate between types of life insurance and learn how (R.A.T.E) R - Risk Tolerances of Client A - Assets & Asset Class Preferences T - Time Horizons E - Expected Outcomes    can help determine when which product is in the client’s best interest.

·   Identify life insurance industry practices now considered “questionable”, “misleading”, “inappropriate”, “unreliable”  by financial, insurance and banking industry authorities-- FINRA, Society of Actuaries, Dept of The Treasury- OCC, etc. 

·   Consider the ethical implications to CPAs, tax attorneys, wealth managers, and other fiduciaries of NYDFS Best Interest Regulation for life insurance. ‚Äč

BIOGRAPHY:

 

Steven S. Zeiger CEBS, TEP specializes in  applying Prudent Investor principles to life insurance product selection and management. Steven wrote about applying a “Prudent Process” in Trust & Estates Magazine: The Fiduciary Professions “A Shot Across the Bow” December 2010.

 

In addition, Steven has delivered dozens of presentations to attorneys, CFP®s, CPAs, and RIAs on the management of life insurance according to established and proven management principles.

 

Steven is uniquely qualified to help estate planning professionals understand the ethical implications of the new meaning of clients’ “best interest” for life insurance. Steven is on the National Association of Estate Planners & Councils Speakers Bureau (NAEPC)

 

Steven is a registered representative of M Holdings Securities and he lives in Chappaqua NY with his wife and children. Steven participates in the MSSK Cycle for Survival and Plays on a USTA tennis team.

 

 

 

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