In the latest departure of life insurance products, Lincoln Financial pulled new sales of both term and universal life policies from New York until an electronic signature process could be implemented. 

This announcement last month prompted an article from InsuranceNewsNet.com, featuring comments by NAIFA-NY member Yoel Bodek and NAIFA-NY President Gary Cappon.    In the article, they both reiterated NAIFA's longtime concern that current policies and regulations are driving products from the state at an alarming rate, "disproportionately affecting low and moderate-income families that depend on affordable term life options."

As part of its continued leadership to address these concerns, President Cappon announced that NAIFA-NY was "reaching out to our insurance industry partners to form a workgroup to identify the primary reasons that are contributing to the departure of companies and products, as well as common sense solutions that will create a more favorable environment and attract new opportunities or the return of those who have left."

Together, the workgroup will openly explore all of the obstacles to attracting carriers and products back to the marketplace and prepare a list of common-sense recommendations that will address these urgent concerns and unintended consequences, while still preserving the primary intent of providing meaningful consumer protections.

We will keep our members apprised of these efforts and look forward to announcing, with our carrier partners, recommendations to address this growing crisis.