The Ethical Considerations of NY State DFS Reg 187, FINRA Rule IM2210 and the UPIA Relating to "Decision Support Material" Used in the Life Insurance Decision Process: A Program for All Fiduciary Professionals

Speaker: Steven S. Zeiger, CEBS, TEP

Wednesday, April 8, 2020 3:00pm - 4:00pm ET

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Register anyway! We'll send you a link to the webinar archive so you can view it at your own convenience.

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About the Program

According to a recent Wall Street Journal article, "The unprecedented collapse in bond yields is the financial risk that executives and analysts are fretting over. It is no trifling matter, especially if rates stay low and insurers struggle to earn a decent return on their massive portfolios." In light of this unprecedented collapse in bond yields, bonds that underlie the vast majority of permanent life insurance policies, the internal costs of your clients policies now matter even more. These costs are required to be 'justified' under Reg 187 and "disclosed" under FINRA 2210/2211 and are also required to be "investigated" under the UPIA. Low bond yields and high internal costs will create a double whammy for consumers. This timely webinar will educate attendees on how to evaluate these internal costs.

NY State entered the fiduciary era for life insurance on 2/1/20 and the CFP Board announced their fiduciary standard for life insurance; standards and regulations that apply ethically to all fiduciaries. Attend this timely webinar to learn how to utilize and recognize the proper decision support material.

On July 18, 2018, the New York Department of Financial Services (NY DFS) issued the nation's first "Best Interest Rule" for life insurance. Similar to other fiduciary laws, this rule (re)defines the meaning of “clients' best interests” for life insurance product recommendations based on a careful, skilled, prudent, and diligent evaluation of costs, performance, and risks relative to benefits. Additional states have since announced their own legislation.

This new and wide-ranging presentation is important for those both in and outside of the state of New York and those who are new to the profession or seasoned. It will review the Best Interest Rule that raises significant ethical considerations for estate planners and life insurance producers serving fiduciaries and/or working under a fiduciary definition of “clients' best interests”. Our presenter will provide real-life examples of ethical dilemmas and solutions to conquer them and learn the new regulations and standards, as well as how to benchmark life insurance just as people benchmark their investment performance.

About the Speaker

Steven S. Zeiger, CEBS, TEP, Managing Director, Wealth Management at KB Financial, is uniquely qualified to help estate planning professionals better understand the ethical implications and new business opportunities created by this new fiduciary era for life insurance due to his extensive application of the regulations and significant speaking engagements on the topic. He helps CPAs, wealth managers and attorneys guide their clients' insurance decisions based on a prudent process and is an expert in applying prudent investor guidelines to life insurance product selection/retention and portfolio management according to established and proven asset management doctrine. He is guided by the Uniform Prudent Investor Act, FINRA Rule IM 2210, NY DFS Regulation 187 "Best Interest Rule" and lessons learned from the first adjudicated fiduciary lawsuit regarding Trust Owned Life Insurance, Cochran v. Key Bank.

Registration Fees

• $40 / Accredited Estate Planner® designee or Junior/Student
• $60 / member of an affiliated local estate planning council or at-large member of NAEPC
• $100 / individual non-member  
• $250 / council meeting or group gathering

Continuing education credit will be available for Accredited Estate Planner® designees.  In addition, a certificate of completion will be made available for those professionals who feel the program satisfies their continuing education requirements and are able to self-file. 

Click here to register.