House Passes Bill Promoting Efficient Insurance Licensing Process

NARAB II sees Unprecedented Momentum

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford following the U.S. House of Representatives passage of the National Association of Registered Agents and Brokers Reform Act of 2013 (H.R. 1155), also known as NARAB II. The bill would create a one-stop, national insurance licensing clearinghouse for financial professionals operating in multiple states.

“With the House passage of this bill, and with companion legislation (S. 534) already advanced by the Senate Banking Committee, there is unprecedented momentum to get this bipartisan legislation enacted in to law to secure its promise of an efficient and cost-effective insurance licensing process for financial advisors operating in multiple states. This is a common-sense bill that will maintain important consumer protections, retain states’ authority to regulate the marketplace, and ultimately remove a barrier that is impeding broker-dealers’ ability and financial advisors’ willingness to sell lifetime income products. On behalf of our members and the insured retirement community, we thank Congressman Randy Neugebauer (R-Texas), Congressman David Scott (D-Ga.), and the other 89 co-sponsors for their leadership on this issue.”

...there is unprecedented momentum to get this bipartisan legislation enacted in to law to secure its promise of an efficient and cost-effective insurance licensing process for financial advisors operating in multiple states

About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is a not-for-profit organization that for twenty years has been a mainstay of service, commitment and collaboration within the insured retirement industry.  Today, IRI is considered to be the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI proudly leads a national consumer education coalition of nearly twenty organizations and is the only association that represents the entire supply chain of insured retirement strategies: Our members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. IRI exists to vigorously promote consumer confidence in the value and viability of insured retirement strategies, bringing together the interests of the industry, financial advisors and consumers under one umbrella. IRI’s mission is to: encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and advocate before public policy makers on critical issues affecting insured retirement strategies and the consumers that rely on their guarantees. Visit www.IRIonline.org today to experience the vast resources of the Insured Retirement Institute for yourself.