MEMO  
  To: General Agents in New York  
  From: Ryan Sykes, Vice President, General Agency Division
Jim Savo - FLMI, Vice President of Operations, General Manager
 
  Re: Regulation 187 Suitability Form  
  As you are aware, New York Regulation 187 pertaining to suitability requirements went into effect February 1st, 2020 for life insurance products. The purpose of the regulation is to have insurance agents consider a consumer’s best interest when recommending a life insurance product. As part of the regulation, agents are required to, “Prior to recommendation of a sales transaction, a producer, or an insurer where no producer is involved, shall make reasonable efforts to obtain the consumer's suitability information.” 11 NYCRR §224.4 (d).  
  To review Reg. 187 in its entirety, please click here: Regulation 187  
  To comply with Regulation 187, we have developed a form titled Globe Life Insurance Company of New York Agent Suitability Analysis Questionnaire (Suitability Form), please click here. This form is meant to be a starting point in the suitability discussion, walking you through many important factors that need be considered when making a recommendation. Starting February 1, it will be located on the Compliance Sheets page. Please note, this form is not exhaustive when determining if a recommendation is appropriate. We highly recommend all agents refresh their product knowledge by reviewing the product Compliance Sheets.  
  Starting February 1st, all life applications must be accompanied by this completed Suitability form, signed and dated. Failure to do so may result in significant delay, as a policy cannot be issued without confirmation that the suitability process was sufficiently completed.  
  As a reminder, agents are required to complete Regulation 187 training and attestation prior to the implementation date of February 1st. The attestation was previously distributed and must be provided to: GAContracting@globe.life. We advise that you need to maintain a copy of your proof of training as well as the attestation for you records. We may request at any time that you provide a copy for record retention and audit purposes. If an attestation is not timely received, an agent may lose their ability to submit life applications to Globe Life Insurance Company of New York starting February 1st.  
 
Please contact the Home Office in Syracuse at 315-451-7975
or email GLNYAgency@globe.life with any questions.


 
 
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Register NOW on http://office.globelifeofnewyork.com.


 
 
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Sent by Aurea on behalf of Globe Life Insurance Company of New York.


 
 
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