{"id":7856,"date":"2019-02-20T16:21:54","date_gmt":"2019-02-20T21:21:54","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=7856"},"modified":"2019-02-20T16:24:01","modified_gmt":"2019-02-20T21:24:01","slug":"naifa-files-anti-investor-lawsuit-against-new-york-state","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/","title":{"rendered":"NAIFA Files Anti-Investor Lawsuit Against New York State"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-4614 size-medium\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-300x200.jpg\" alt=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-300x200.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-300x200.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-768x512.jpg 768w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-1024x683.jpg 1024w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-1000x667.jpg 1000w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>The National Association of Insurance and Financial Advisors of New York State Inc. (\u201cNAIFA\u201d) filed a lawsuit on November 16 in the New York Supreme Court alleging New York regulation requiring insurance agents and brokers to act in the best interest of their clients when selling life insurance and <a href=\"https:\/\/www.silverlaw.com\/annuity-and-insurance-products.html\" target=\"_blank\">annuity<\/a> products is unfair. It is arguing that the state&#8217;s Department of Financial Services overstepped its boundaries by promulgating the rule without legislative or constitutional authorization.<\/p>\n<p>The suit also states the insurance sales standard contradicts existing New York insurance law, as it requires insurance sales professionals to prioritize their clients before their firms. Many investors remain confused why insurance agents or financial advisors are not required to act in the clients\u2019 best interest.<\/p>\n<p>Donald Damick, an agent with Nationwide Insurance Companies and past president of NAIFA New York State, has stated that this rule has put him and many other in an impossible situation, as agents are under contractual obligations to act as an agent of the insurer, not of the customer. &#8220;I can lose my NYDFS license if I do not follow the state&#8217;s insurance statutes, and now I can also face penalties under the regulation&#8217;s best-interest standard,&#8221; he said.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/\"  title=\"Continue Reading NAIFA Files Anti-Investor Lawsuit Against New York State\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The National Association of Insurance and Financial Advisors of New York State Inc. (\u201cNAIFA\u201d) filed a lawsuit on November 16 in the New York Supreme Court alleging New York regulation requiring insurance agents and brokers to act in the best interest of their clients when selling life insurance and annuity products is unfair. It is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1607,1611,1100,576],"tags":[1608,1609,1610,1613,1612,1614,1344],"class_list":["post-7856","post","type-post","status-publish","format-standard","hentry","category-annuity","category-life-insurance","category-news","category-unsuitable-investment-advice","tag-annuities","tag-life-insurance","tag-naifa","tag-naifa-new-york-state","tag-national-association-of-insurance-and-financial-advisors-of-new-york-state","tag-new-york-department-of-financial-services","tag-securities-fraud-attorney"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NAIFA Files Anti-Investor Lawsuit Against New York State &#8212; Securities Arbitration Lawyers Blog &#8212; February 20, 2019<\/title>\n<meta name=\"description\" content=\"The National Association of Insurance and Financial Advisors of New York State Inc. (\u201cNAIFA\u201d) filed a lawsuit on November 16 in the New York Supreme Court &#8212; February 20, 2019\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NAIFA Files Anti-Investor Lawsuit Against New York State &#8212; Securities Arbitration Lawyers Blog &#8212; February 20, 2019\" \/>\n<meta name=\"twitter:description\" content=\"The National Association of Insurance and Financial Advisors of New York State Inc. (\u201cNAIFA\u201d) filed a lawsuit on November 16 in the New York Supreme Court &#8212; February 20, 2019\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NAIFA Files Anti-Investor Lawsuit Against New York State &#8212; Securities Arbitration Lawyers Blog &#8212; February 20, 2019","description":"The National Association of Insurance and Financial Advisors of New York State Inc. (\u201cNAIFA\u201d) filed a lawsuit on November 16 in the New York Supreme Court &#8212; February 20, 2019","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/","twitter_card":"summary_large_image","twitter_title":"NAIFA Files Anti-Investor Lawsuit Against New York State &#8212; Securities Arbitration Lawyers Blog &#8212; February 20, 2019","twitter_description":"The National Association of Insurance and Financial Advisors of New York State Inc. (\u201cNAIFA\u201d) filed a lawsuit on November 16 in the New York Supreme Court &#8212; February 20, 2019","twitter_image":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1.jpg","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/#article","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/"},"author":{"name":"Silver Law Group","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"headline":"NAIFA Files Anti-Investor Lawsuit Against New York State","datePublished":"2019-02-20T21:21:54+00:00","dateModified":"2019-02-20T21:24:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/"},"wordCount":550,"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-300x200.jpg","keywords":["annuities","life insurance","NAIFA","NAIFA New York State","National Association of Insurance and Financial Advisors of New York State","New York Department of Financial Services","securities fraud attorney"],"articleSection":["annuity","life insurance","News","Unsuitable Investment Advice"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/","url":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/","name":"NAIFA Files Anti-Investor Lawsuit Against New York State &#8212; Securities Arbitration Lawyers Blog &#8212; February 20, 2019","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/#primaryimage"},"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/naifa-files-anti-investor-lawsuit-against-new-york-state\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Broker-Sylvester-King-Jr.-Resigns-from-Wells-Fargo-Advisors-LLC-Concurrent-with-FINRA-Suspension1-300x200.jpg","datePublished":"2019-02-20T21:21:54+00:00","dateModified":"2019-02-20T21:24:01+00:00","author":{"@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"description":"The National Association of Insurance and Financial Advisors of New York State Inc. 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