Yearly Archives: 2022

Regulation 187: A Fight Worth Fighting, Despite a Disappointing Ruling

​What Happened:For the past four years, Big I NY has been fighting a legal challenge against the New York Department of Financial Services (“DFS") concerning Amended Insurance Regulation 187. The Amended Regulation 187 requires the “Producer" to act in the “Best Interests" of the customer. It also requires that the Producer make a “suitability" “recommendation" based on an analysis of their “needs." In our view, the regulation is unfairly vague and extremely challenging for producers to comply with. We remain concerned that this will lead to reduced access to the trusted advice consumers deserve. In 2021, the Appellate Court, 3rd Department, unanimously ruled in our…

Continue ReadingRegulation 187: A Fight Worth Fighting, Despite a Disappointing Ruling

A Sad Day for the Big I NY Family

Kathy Weinheimer was a role model for me and I was lucky to meet her early in my career.  She was known for being a seemingly “all knowing” insurance expert.  Whether it was a coverage, regulation or insurance law question, Kathy was our go to.  However, the quality I most admired was her unique ability to engage with people.  She could make small talk (and big talk!) with literally every person she encountered.  She was interesting and interested.  There were no airs about her and she was a friend to all.   She will be incredibly missed on this earth.  While I know she in in…

Continue ReadingA Sad Day for the Big I NY Family

Court of Appeals Rules Regulation 187 “Best Interest” Standard not Unconstitutional

​On Thursday, October 20th, the New York State Court of Appeals ruled that the first amendment to Insurance Regulation 187, or the “best interest" standard for the sale of life and annuities, is not unconstitutional. Therefore, the regulation remains in force. As the Court of Appeals is the highest court in the state, no further appeal is possible.In response to the ruling, Big I NY President and CEO Lisa Lounsbury issued the following statement:While we respect the court's position, we strongly disagree with the decision. We maintain the Appellate Division Third Department correctly ruled that the amended regulation is unconstitutionally vague, and we are disappointed…

Continue ReadingCourt of Appeals Rules Regulation 187 “Best Interest” Standard not Unconstitutional