Securian Financial’s goal is to effectively support your business with us, while also ensuring that we comply with New York Insurance Law. In light of this, we are highlighting available products, agreements and resources for life insurance transactions in New York or with New York residents:
Doing business in New York
New York procedural requirements
New York State Insurance Department Regulation 60 (Reg. 60) is a consumer protection law governing the replacement of life insurance policies and annuity contracts. The regulation establishes a minimum standard of conduct for insurers and financial professionals regarding replacement transactions. Documents required by Reg. 60 include customer notifications and clear disclosure statements. These notifications and disclosures help to ensure sufficient information is provided to applicants to help them make an informed decision regarding replacements.
New York State Insurance Department Regulation 187 (Reg. 187) creates a best interest standard that applies to any recommendation with respect to a proposed or in-force life insurance policy or annuity contract. All producers must complete a Reg. 187 training course before soliciting an application for a New York life insurance policy or annuity contract.
The purpose of Reg. 187 is to regulate trade practices in the insurance business to prevent acts or practices that are unfair or deceptive. The regulation establishes standards of conduct for insurers and financial professionals. Under the regulation, an enhanced suitability review must be conducted on all life insurance and annuity transactions that generate new compensation for the producer. This includes the purchase or issuance of a policy, any replacement, conversion or any other modification or election of a contract provision with respect to an in-force policy that could generate new sales compensation.
Illustrations and disclosures
New York State Insurance Department Regulation 74 is a consumer protection law that establishes rules for the content and format of point-of-sale disclosures for life insurance policies and annuity contracts. It outlines the preliminary information, policy summary, and additional disclosures that must be provided to the prospective purchaser at or prior to the time an application is taken. Additionally, it outlines the details of and requirements for providing both the buyer’s guide and illustration to the prospective purchaser at the same time or before the application is completed.
New York State Insurance Department Regulation 3209 is a consumer protection law that establishes rules for point-of-sale disclosures for life insurance policies and annuity contracts. It outlines the requirements for providing the prospective purchaser the buyer's guide, preliminary information as required by Insurance Law Section 3209(d), and policy summary at or prior to the time an application is taken.
Insurance products issued by Securian Life Insurance Company
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