April 8, 2020
The Ethical Considerations of NYS DFS Reg 187, FINRA Rule IM2210 and the UPIA Relating to "Decision Support Material" Used by Life Insurance Producers and Attorneys CPAs and RIAs in the Life Insurance Decision Process
Speaker: Steven S. Zeiger, CEBS, TEP
NY State entered the fiduciary era for life insurance on 2/1/20 and the CFP Board announced their fiduciary standard for life insurance; standards and regulations that apply ethically to all fiduciaries. Attend this timely webinar to learn how to utilize and recognize the proper decision support material.
On July 18, 2018, the New York Department of Financial Services (NY DFS) issued the nation’s first "Best Interest Rule" for life insurance. Similar to other fiduciary laws, this rule (re)defines the meaning of “clients’ best interests” for life insurance product recommendations based on a careful, skilled, prudent, and diligent evaluation of costs, performance, and risks relative to benefits. Additional states have since announced their own legislation.
This new and wide-ranging presentation is important for those both in and outside of the state of New York and those who are new to the profession or seasoned. It 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”. Our presenter will provide real-life examples of ethical dilemmas and solutions to conquer them and learn the new regulations and standards, as well as how to benchmark life insurance just as people benchmark their investment performance.
Steven S. Zeiger, CEBS, TEP, Managing Director, Wealth Management at KB Financial, is uniquely qualified to help estate planning professionals better understand the ethical implications and new business opportunities created by this new fiduciary era for life insurance due to his extensive application of the regulations and significant speaking engagements on the topic. He helps CPAs, wealth managers and attorneys guide their clients’ insurance decisions based on a prudent process and is an expert in applying prudent investor guidelines to life insurance product selection/retention and portfolio management according to established and proven asset management doctrine. He is guided by the Uniform Prudent Investor Act, FINRA Rule IM 2210, NY DFS Regulation 187 "Best Interest Rule" and lessons learned from the first adjudicated fiduciary lawsuit regarding Trust Owned Life Insurance, Cochran v. Key Bank.
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