NEW YORK--( BUSINESS WIRE )--New York Life, America's largest mutual life insurer , today announced the appointment of Michael McDonnell as the company’s General Counsel, effective immediately. Mr. McDonnell will have day-to-day oversight of the Office of the General Counsel which includes the insurance and agency, investments, corporate practice, and tax teams. He will report to Sheila Davidson, Executive Vice President and Chief Legal & Administrative Officer. Since 2021, Mr. McDonnell has held the position of Senior Vice President, Deputy General Counsel & Chief Insurance Counsel, delivering legal guidance across New York Life’s Foundational and Strategic Insurance Businesses. In...
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2014 New York Laws Article 32 - (3201 - 3241) INSURANCE CONTRACTS - LIFE, ACCIDENT AND HEALTH, ANNUITIES 3211 - Notice of premium due under life or disability insurance policy; notice to assignees of non-payment of premium. 3211. Notice of premium due under life or disability insurance policy; notice to assignees of non-payment of premium. (a) (1) No policy of life insurance or non-cancellable disability insurance delivered or issued for delivery in this state, and no life insurance certificate delivered or issued for delivery in this state by a fraternal benefit society, shall terminate or lapse by reason of default in payment of any premium, installment, or interest on any policy loan in...
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OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aaa” (Exceptional) of New York Life Insurance Company, New York Life Insurance and Annuity Corporation (NYLIAC), Life Insurance Company of North America (LINA) and New York Life Group Insurance Company of NY (NYLGICNY). All companies are referred to as New York Life and headquartered in New York, NY. AM Best also has affirmed the Long-Term ICRs of “aaa” (Exceptional) of New York Life Global Funding and New York Life Funding. Lastly, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) on the funding...
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Getting your New York insurance license is the first step to becoming an insurance agent in New York. Whether you’re interested in selling property and casualty insurance, life insurance, health insurance, or any combination of those lines of authority, this article has the information you need to get started. The New York Department of Insurance has a 6-step process on how to become an insurance agent in New York. We’ll walk you through step-by-step; from the license application to insurance test prep, to the New York insurance exam, and beyond. This guide has everything you need to know to get your NY insurance license quickly and easily. How to Get Your New York Insurance License Getting...
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New York Life completed its $6.3 billion acquisition of Cigna's group life, accident and disability insurance business, the company announced last week. As a part of the deal, New York Life and Cigna will also participate in a multi-year collaboration to create group benefit solutions for their clients. The new business has been renamed New York Life Group Benefit Solutions and will operate within New York Life's portfolio of strategic businesses, which includes Group Membership Association, Institutional Annuities, Institutional Life, New York Life Direct, and Seguros Monterrey New York Life, among others. Cigna first announced it was selling off its group life and disability insurance...
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New York Insurance Continuing Education State Requirements On this page, you will find all of the state-specific information for Insurance CE in the state of New York. New York State Department of Financial Services Transcripts: New York does not provide transcripts Annuity and Life Insurance Requirements Regulation 187 (Part 224 of Title 11 of the Official Compilation of the State of New York) requires insurers to set forth standards and procedures for recommendations to consumers so that the insurance needs and financial objectives of consumers are appropriately addressed. New York has recently modified Regulation 187 to include two main changes: 1) they have added a “best interests”...
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Financial services professional Financial Professional in Insurance & Investment Services New York Life is currently seeking self-motivated, driven individuals with a passion for making a positive impact. You do not need sales, business development, marketing or insurance experience to begin your road to success in this role! All you need is passion and a desire to make a difference. Our comprehensive training program will give you the tools you need to succeed and create the career success you envision. This career isn’t for everyone, but the best professionals in our company will tell you there’s nothing else like it. Our Financial Professionals arrive with diverse career backgrounds...
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mutual life insurer, today announced that Craig DeSanto has assumed the company’s chief executive officer (CEO) position. Mr. DeSanto was named CEO-elect in November 2021 after serving as a member of New York Life’s Board of Directors since February 2021 and as New York Life’s president, a title he will retain, since July 2020. As CEO, Mr. DeSanto will lead one of the largest life insurance companies in the world. New York Life and its affiliates provide insurance, investment, and retirement solutions that help people at all stages of life, delivered through the company’s industry-leading agency field force. New York Life also provides insurance and investment solutions to the institutional...
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A participant in a 401(k) plan run by New York Life Insurance Co. has sued the company and plan fiduciaries alleging violations of their ERISA responsibilities for two company retirement plans. "This suit is about corporate self-dealing and the prohibited transfer of employees' retirement assets to defendants at the expense of the retirement savings of company employees and its agents," said the March 2 complaint filed in a U.S. District Court in New York in the case of Stuart Krohnengold vs. New York Life Insurance Co. et al. Mr. Krohnengold is a participant in the New York Life Insurance Co. Employee Progress-Sharing Investment Plan, and he also is suing, as part of a class action claim,...
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Suitability and Best Interests in Life Insurance and Annuity Transactions (NY187) Doing Life and Annuity Business in New York What is it? The New York State Department of Financial Services (NY DFS) released the final version of Best-Interests Regulation 187 (NY 187). The final regulation, now called “Suitability and Best Interests in Life Insurance and Annuity Transactions,” requires producers and insurers to implement a process that ensures they’re acting in the consumer’s best interest when recommending an annuity or life insurance policy issued in New York. This was effective August 1, 2019 for Annuities and February 1, 2020 for Life Insurance. If you sell...
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