Suitability and Best Interest in Life Insurance and Annuity Transactions (“Regulation 187”)

Insurance, Resources

New York State amended Regulation 187 to establish what is referred to as the “Best Interest Rule. The amendments are effective August 1, 2019 for annuity transactions and February 1, 2020 for life insurance transactions. The amendments extend the standard of care insurance companies, agents, and brokers must now exercise when making recommendations to prospective...

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Regulation Best Interest (“Reg BI”)


Regulation Best Interest (BI) is a Securities and Exchange Commission (SEC) rule (effective July 1, 2020) that requires broker-dealers to only recommend financial products and services to their customers that are in their customer’s best interests, and to clearly identify any potential conflicts of interest and financial incentives the broker-dealer may have with those products....

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The Cares Act (Act) and Its Impact on Individual Taxpayers and Small Businesses

Resources, Tax Planning

The Act authorizes $2.1 trillion in aid to reduce the economic impact of the Covid-19 pandemic. This legislation provides relief for individuals and businesses that have been negatively impacted by the COVID-19 outbreak. The Act* includes the following key provisions: Individual Taxpayer Provisions: Direct Payments: Individual taxpayers receive a one-time payment of up to $1,200,...

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