"The Court found that the statute makes clear that producers must act in the best interest of the consumer. As to the term 'best interest' itself, the Court explained that the regulation employs standard legal terms to explain exactly what a producer needs to do to discharge this duty and held that 'following these steps does not require producers and insurers to identify the single best policy for a consumer. It simply requires them to reasonably recommend a suitable policy that will benefit the consumer, while refraining from considering their own financial gain.' " [In the Matter of Independent Insurance Agents and Brokers of New York, Inc. v. New York State Department of Financial Services, No. 73 (N.Y. Ct. App. Oct. 20, 2022)]  MORE >>