• New York State Insurance Regulations Reinforce Protections for Consumers Buying Annuities and Life Insurance
  • March 14, 2011 | Authors: Harry M. Baumgartner; Cynthia J. Borrelli; Susan Stryker
  • Law Firm: Bressler, Amery & Ross A Professional Corporation - Florham Park Office
  • The New York Superintendent of Insurance, James Wrynn, announced on March 8, 2011, two emergency regulations put into place to protect consumers with regard to the sale of life insurance and annuities. The emergency regulations: (i) require that only a suitable annuity, based on a consumer’s financial profile and needs, be recommended to a consumer by an insurer, agent or broker; and (ii) prohibit insurance agents and brokers from using titles, such as “certified senior advisor” or “certified elder planning specialist,” that might suggest that those that carry the title have special expertise on issues regarding seniors when, in fact, they have no such objective credentials or qualifications.