Call us today @ (518) 692-2494
Compliance you can trust. Service you can rely on.

This is not what effective disclosure looks like.

Much of today was spent in preparation for my presentation at the New England Chapter E-day, to be held on Wednesday of this week: June 12, 2019. My topic is the confusing array of disclosures that are now required in NY, especially with the addition of Regulation 187. The confusion is a result of the proliferation of regulations that, no doubt have good intentions, but for my money, are likely to leave consumers more confused than empowered. I only have an hour in my E-day session and I don’t think I can cover all the overlapping disclosure requirements in Section 3209, Reg 60, Reg 74, Reg 187, Reg 194, and Reg 210. If I can't do that -just explain what they are- how is an agent going to be able to explain to a consumer what each of them are and why the numbers and terms are different when they are talking about essentially the same thing? I am all on board that consumers should know what they are buying from whom. I agree that producers should have an in-depth knowledge of the insurance products they sell. Bait and switch is bad, as are commission-driven sales. Misleading consumers into replacing good products with the latest shiny new object is not tolerable.

But working through all the disclosure requirements today, I don’t think this matrix of regulations gets consumers to a better place. Because information is presented in so many different ways, they will have more information for sure. But will it make sense to anyone?

I haven’t yet seen a package of these disclosures prepared for a real sale. I hope to soon. I hope it is more clear than it appears it will be from going through all these regulations. For the consumers of insurance products in NY, I hope I am wrong. I would love your thoughts on this. My presentation will be posted in our Suitability and Standard of Care Center for E-day attendees and Center members after the event. There is a members-only forum to discuss compliance strategies. Take advantage of the opportunity to network on these challenging issues.

At least there was this…

A room with a view

A room with a view