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New York's 'Best Interest' Rule for Life and Annuities: Future Is in Doubt
Debevoise & Plimpton LLPLink to more items from this source
May 7, 2021

"The Appellate Division reversed the trial court's decision, concluding that the amendments violated due process rights and were unconstitutionally vague.... If the NYDFS appeals, it will likely also move for a stay ... If the NYDFS elects not to appeal, it will likely propose a new amendment with more prescriptive requirements to comply with the Appellate Division's opinion." [Indep. Ins. Agents and Brokers of New York v. New York State Dept. of Financial Serv., No. 530047 (N.Y. App. Div., 3d Dep't, Apr. 29, 2021)]

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