On April 29, 2021, the State of New York Supreme Court Appellate Division in the Third Judicial Department issued an Opinion and Order finding that the amendment to New York Insurance Regulation 187 was unconstitutionally vague. In this Faegre Drinker podcast, a cross-disciplinary team of our attorneys discusses the preliminary implications of this important decision, including answering the following questions:
- What arguments would be in scope if an appeal is taken in the New York Court of Appeals (New York’s highest court)?
- Is continued compliance necessary if such an appeal is taken?
- Does this decision impact variable products?
- What are the ERISA implications, and what have we learned from the Department of Labor Rule?
- Is implementation of the National Association of Insurance Commissioners’ Annuity Suitability Model impacted?
We expect there to be more developments to come, so stay tuned for more coverage as this important issue continues to unfold in New York and beyond.
The full Opinion and Order can be found here.