<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=319290&amp;fmt=gif">
Member Login
2 min read

NAIFA-NY Legislative Update - September 2021

By NAIFA-New York on 9/1/21 1:00 PM

Legislative Update
On August 24th, Kathy Hochul become the first female Governor in New York State history.   Governor Hochul will complete the term of Andrew Cuomo (which expires at the end of 2022) who resigned the post in the wake of damning report by Attorney General Tish James which corroborated allegations of sexual harassment by Governor Cuomo.

Governor Hochul has announced that she plans to run for election in her own stead next year and has selected State Senator Brian Benjamin from Harlem as her replacement as Lieutenant Governor.  

Governor Hochul has kept most of Governor’s appointees in place for the time being as she undertakes a 45-day informal transition process.  

Topics: State Advocacy
1 min read

NAIFA-NY Responds to Latest Life Product Departure

By NAIFA-New York on 8/11/21 11:03 AM

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. 

Topics: Life Insurance State Advocacy New York
2 min read

NAIFA-NY Legislative Update - August 2021

By NAIFA-New York on 8/6/21 11:14 AM

Cybersecurity a Top Priority of DFS
Cybersecurity continues to be a top priority of the Department of Financial Services (“DFS”). Watch this space for revisions to the current cybersecurity regulation and continued enforcement actions for failure to have policies and procedures in place or for inappropriately filing a certificate of compliance. To keep up to date and utilize the tools available, be sure to check out DFS's Cybersecurity Resource Center, including its tools for small businesses.

Topics: State Advocacy
2 min read

NAIFA-New York Legislative Update - July 2021

By NAIFA-New York on 7/9/21 11:15 AM

Legislative Session Update
As reported previously, the New York State Legislature concluded their legislative session on June 10 with their traditional flurry of legislative activity with 461 bills passing both houses during the final week.

As a point of reference, 892 bills passed both houses this session which began in January. Of the 892 measures, 652 have yet to be delivered to be Governor which is not atypical for this point in the year. We anticipate that most of these measures will be enacted into law with most of the vetoes occurring at the end of the year. It is unclear at this point what impact the pending investigations of the Executive Chamber will have if any on this process.

In a sign that the world is returning to some sense of normalcy, the State Capital is now open to the public.

June 22 was primary day in New York State. Due to the new ranked voting methodology, the winner in the NYC Democratic mayoral primary has not been declared but it appears that Brooklyn Borough President Eric Adams is the favorite to occupy Gracie Mansion next January.

As an aside, every state legislator seeking local office in New York City lost on primary day.

In Buffalo, Democratic Social of America member India Walton decisively upset four-term Mayor Byron Brown in the Democratic primary. Ms. Walton is the overwhelming favorite to be the next Mayor of Buffalo.

Finally, State Senator Todd Kaminsky has announced his candidacy for Nassau County District Attorney.

Topics: State Advocacy
3 min read

New York Appellate Court Rules Regulation 187 Unconstitutional

By NAIFA on 4/29/21 2:40 PM

The New York Supreme Court, Appellate Division, has ruled that state Insurance Regulation 187, “Suitability and Best Interests in Life Insurance and Annuity Transactions,” is unconstitutional. A 2018 amendment to Regulation 187 imposed a complicated new standard of care on annuity recommendations and broadened the scope of the regulation to include life insurance as well as annuity products.

Topics: State Advocacy Standard of Care
4 min read

NAIFA-New York Legislative Update, April 7, 2021

By NAIFA-New York on 4/7/21 9:30 AM

Legislative Update from GreenbergTraurig, NAIFA-New York's lobbyists

Topics: Legislative & Regulatory State Advocacy
2 min read

NAIFA-New York Hires Greenberg Traurig to Represent State Advocacy Interests

By NAIFA on 12/22/20 3:01 PM

The New York chapter of the National Association of Insurance and Financial Advisors (NAIFA) has reached an agreement with Greenberg Traurig under which the firm will represent the advocacy interests of NAIFA-New York with state legislators and regulators. Greenberg Traurig is a global law firm with offices around the country, including in Albany and New York City.

Topics: State Advocacy
2 min read

NAIFA-New York and LICONY Partner to Leverage Their Advocacy Clout

By NAIFA on 10/30/20 1:55 PM

The National Association of Insurance and Financial Advisors’ New York chapter (NAIFA-New York) and the Life Insurance Council of New York, Inc. (LICONY) will collaborate in 2021 and beyond on issues that are important to agents and advisors, the industry, and the consumers they serve.  

Topics: State Advocacy
1 min read

New York Annuity Transaction Rules Follow the NAIC Model

By NAIFA on 10/30/20 1:49 PM

New York is one of three states to have implemented annuity transactions rules for producers that create a best interest standard in line with the National Association of Insurance Commissioners’ (NAIC) Suitability in Annuity Transactions Model Regulation. NAIFA is urging other states to adopt the NAIC model, which would enhance consumer protections while ensuring agents and advisors are able to effectively continue serving consumers in New York.

Topics: Annuities State Advocacy


blog ad-300x300