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New York Best Interest Rule for Life Insurance New Requirements for Producers & Ethical Considerations for Other Estate Planners



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Recording and Slides are Available Here


On July 18th 2018, the New York Department of Financial Services (NY DFS) issued a Best Interest Rule Regulation 187 that (re)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 webinar, Barry Flagg reviews 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 his webinar, Barry will cover the following topics:

    • Product recommendations under NY DFS Best Interest Rule for life insurance
    • Product Recommendations under the NAIC Illustrations Model Regulation
    • Ethical implications for estate planning attorneys and life insurance producers
    • Why insisting upon detailed expense pages is critical
    • The importance of comparing compare 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


      There will be no CE for this webinar


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Barry D. Flagg is the inventor and founder of Veralytic®, Inc. , the only patented online publisher of life insurance pricing and performance research and product suitability ratings. Veralytic is the product of his unique background as both the youngest Certified Financial Planner (CFP®) in history schooled in the investment business, as well as a life insurance practitioner consistently ranked in the top 1% of the industry. His experience in both financial product analysis, life insurance sales and marketing, and his success in managing large life insurance portfolios for affluent individuals and growth companies, brings an unparalleled advantage to his presentations.
Barry is a recognized expert in applying Prudent Investor principles to life insurance product selection and portfolio management having addressed the national conferences of HSBC Bank/WTAS, Ernst & Young Annual Family Office Accounting & Tax Education, Fi360, FPA, Grant Thornton, Holland & Knight, the Academy of Financial Services (AFS), and many of the largest independent distributors of life insurance in the U.S.  He has also been published by the ABA, AICPA, CCH Group, Fiduciary & Investment Risk Management Association (FIRMA), and Trust & Estates, cited by ALI/ABA reference text, guest lectured at Leadership Bootcamp for Life Insurance Stewards at West Point, Stetson Law, Texas Tech University and the Wall Street Academy and appeared on national internet radio shows for a number of the largest insurers in the U.S.
Barry is also a Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC) and Cum Laude graduate of the W. Paul Stillman School of Business at Seton Hall University. Barry has been on the CFP Board's Disciplinary and Ethics Commission, an adjunct faculty member of the College for Financial Planning, and is a member of the Society of Financial Service Professionals (SFSP), the Financial Planning Association (FPA), the National Association of Insurance and Financial Advisors (NAIFA), the Million Dollar Round Table (MDRT), and the Beta Gamma Sigma National Scholastic Honor Society.



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