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The Institute for the Fiduciary Standard

A resource site for investors, brokers, academics and the media.


Building a fiduciary culture of honesty, integrity, and expertise.

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N.Y. Supreme Court Upholds State Fiduciary Rule For Annuities

By Knut Rostad on August 7, 2019

Originally posted on Financial Advisor Magazine by Tracey Longo.

The New York Supreme Court has upheld the state’s contentious fiduciary rule governing annuities and lift insurance sales practices.

The ruling (https://www.dfs.ny.gov/system/files/documents/2019/08/reg187.pdf) found that the New York State Department of Financial Services was neither “arbitrary” nor “capricious” in “providing guidelines for trustworthy and competent producer practices and preventing self dealing by producers at the consumer’s expense,” Acting Supreme Court Justice Henry F. Zwack wrote in the ruling.

The decision is a blow to the insurance industry and the trade groups who filed complaints asking the court to dismiss the state regulator’s rule.

Trade groups and businesses asking the court to dismiss New York Insurance Regulation 187 are the National Association of Insurance and Financial Advisers – New York State Inc., the Independent Insurance Agents and Brokers of New York Inc., Professional Insurance Agents of New York State Inc., Testa Brothers, an insurance brokerage and Gary Slavin, an insurance broker.

The groups were consolidated into one petition by the court, which soundly rejected the complaint to dismiss the fiduciary standard it is decision on July 30.

Read more at FA Magazine.

Dan Moisand

 

Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.

The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”

Watch the video of Moisand speaking here.

Bob Veres

 

Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information” Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.

"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."

- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture

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