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Evening Networking & CE: Understanding Regulation 187
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9/10/2019
When: Tuesday, September 10, 2019
5:30 - 7:30 P.M.
Where: Dotdash
1500 Broadway
New York, New York  10036
United States
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Understanding Regulation 187:

 

The Best-Interest Rule for Life Insurance

 

 

Join your peers for an evening of networking and CE featuring a presentation and discussion of New York State's Best Interest Rule for life insurance (Regulation 187) with Steven S. Zeiger, CEBS, TEP, and hosted by Investopedia at the Dotdash offices overlooking Times Square.

 

On July 18, 2018, the New York State Department of Financial Services (NY DFS) issued a Best Interest Rule for life insurance (Regulation 187).  This new Rule re-defines the meaning of “clients’ best interests” for product recommendations to be more consistent with other fiduciary rules, requiring life insurance producers to "act in the best interests of the consumer … based on an evaluation of relevant suitability information … and the care, skill, prudence, and diligence [of] a prudent person … considering only the interests of the consumer in making recommendations."  
 
As CFP® professionals and financial planners, you likely utilize life insurance for estate tax and asset protection purposes: this presentation is designed for you.  Come learn from Steven Zeiger as he discusses methodologies for complying with the regulation and explores the ethical implications for estate planning professionals and others who serve fiduciaries and/or work under a fiduciary definition.
 
LEARNING OBJECTIVES:

  • 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, Department of The Treasury), OCC, etc. 
  • Consider the ethical implications to CFP®s, CPAs, tax attorneys, wealth managers, and other fiduciaries of NY DFS Best Interest Regulation for life insurance.

 

Food and drinks will be served.

  

Speaker: Steven S. Zeiger CEBS, TEP

 

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”.
 
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 asset 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, New York

Continuing Education Credits:
1.5 CFP® CE credits pending with CFP Board.  Eligible for CPE credit for NY licensed CPAs. CTFA credits are self-reported.

Registration Fees:
FPA Member - Free
Non-member - $50
NYU Student - Free (Please contact us at info@fpametrony.org to register.)

 

With thanks to our meeting host:

 

CONTACT FPA of Metro NY

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Financial Planning Association of Metro New York

535 Fifth Avenue, 4th Floor
New York, NY  10017
Email: info@fpametrony.org

Phone: 800-322-4237 ext. 7187

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