** NY Regulation 187 **

William Penn Association (WPA)


To all WPA Agents, Brokers and Managers in the State of New York:

As you are probably aware by now, the New York State Department of Financial Services recently passed the First Amendment to 11-NYCRR 224 (titled Regulation 187) into law. The title of Part 224 is amended to read: Suitability and Best Interest in Life Insurance AND Annuity transactions.

While the new law covers agent and insurer responsibilities as they relate to best interest and suitability, Section 224.6 – Insurer responsibility and supervision, sub-paragraph (e) reads as follows:

“An insurer shall be responsible for ensuring that every producer recommending any transaction with respect to the insurer’s policies is adequately trained to make the recommendation.”

The Annuity portion went into effect on August 1, 2019 and all provisions (including suitability) for Life insurance sales will go into effect on February 1, 2020.

As part of WPA compliance with Regulation 187, they are requiring ALL LICENSED AGENTS in the STATE OF NEW YORK to:

  1. Log into the website www.wpalife.org
  2. Click on the agents tab at the top of the page
  3. Insert password @g3nts709
  4. Scroll down the page until you find the “required annuity training module”
  5. View the PowerPoint video and
  6. Download, complete and return the “Agents Attestation of Completion” (in the red box just above the video) to Sales Coordinator Barbi Tew at btew@wpalife.org or fax 412-586-4067.

If agents have recently been contracted and completed this module as part of the on-boarding process, there is no need to take it again. All other agents should complete the training module ASAP, or by August 30, 2019 at the latest. Failure to complete the required training will delay any new business or subsequent deposits that are submitted, and/or may subject you to termination of your appointment at William Penn Association.

Since the new regulations will also apply to ALL life insurance sales after February 1, 2020, WPA will be updating their life products training modules and suitability forms by January 1 and will require completion of the life training modules at that time.

Thank you for your compliance with the new regulation.

Questions? Give us a call at 855-888-8326!

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