STEP NEW YORK BREAKFAST MEETING

Wednesday, December 4, 2019

SPONSORED and HOSTED BY:

KATTEN, LLP

575 Madison Avenue, (Entrance between 56th and 57th Street)

Time:  Registration begins at:  8:15 AM Educational Session 8:30 AM – 9:30

No CLE for this meeting

NEW YORK STATE HAS ENTERED THE NEW “FIDUCIARY ERA” FOR LIFE INSURANCE:

Learn The Ethical Considerations of NYS DFS Reg 187,

Relating to “Decision Support Material”  Used by Attorneys CPAs and RIAs

in the Life Insurance Decision Making Process

Speaker:

Steven S. Zeiger CEBS, TEP
Managing Director – Wealth Management
KB Financial Partners, LLC

On July 18th, 2018, the New York Department of Financial Services (NY DFS) issued a Best Interest Rule Regulation 187 that defines the meaning of “clients’ best interests” for life insurance product recommendations effective February 2020. Regulation 187 prohibits illustration comparisons as due diligence for product and instead requires product recommendations be based on a careful, skilled, prudent, and diligent evaluation of costs, performance, and risks relative to benefits.

In this important, wide-ranging presentation, Steven Zeiger 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.

In addition to Regulation 187, Steven will explain how to use “Decision Support Material” that complies with FINRA Rule IM2210, the Uniform Prudent Investor Act and the lessons learned from the first adjudicated fiduciary lawsuit related to life insurance.

In his presentation Steven will cover the following topics:

• Product recommendations under NY DFS Best Interest Rule for life insurance. Why “side by side” comparisons are forbidden.
• Product Recommendations under the NAIC Illustrations Model Regulation, including commentary from FINRA, Society of Actuaries, the Uniform Prudent Investor Act, etc
• Ethical implications for Attorneys, CPAs, RIAs and life insurance producers
• Why insisting upon detailed expense pages is critical
• The importance of comparing costs and performance separately
• How to properly use benchmarking to analyze:
• Financial Strength & Claims Paying Ability
• Cost Competitiveness
• Pricing Stability
• Cash Value Liquidity
• Historical Performance of Invested Assets Underlying Policy

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