Life insurance producers in New York have a newly revised Regulation 187 to comply with effective August 1st, 2019. The Regulation “does not require the completion of specific training classes”, however companies are responsible for ensuring “that producers are adequately trained with respect to their insurer’s policies to make recommendations”.
Active producers, by now, have heard from their carriers and almost certainly received training that meets the new NY-DFS standards. Inactive producers are not necessarily required to complete a training program prior to the August 1st deadline, however, the standard will need to be met if they plan to work with any existing or prospective customer.
A summary of the new Regulation has been published by the New York Department of Financial Services at https://www.dfs.ny.gov/docs/insurance/r_finala/2018/rf187a1summary.pdf. Additional information is also available through the DFS.NY.GOV website.
Insurance Training Institute often discusses new and updated New York State Regulations in our continuing education courses, but individual insurance companies are free to require specific or proprietary training from their producers. It is our belief that producers are best served by those specific programs.
ITI looks forward to seeing you again soon to meet your NY-DFS continuing education requirements.