New Clearinghouse Will Lead to Cost-Effective and
Streamlined Insurance Licensing Process for Financial Advisors
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford after the Senate today voted 93-4 to send legislation that will streamline and improve multistate insurance licensing to President Obama’s desk for his signature.
The legislation, known as NARAB II, creates a national insurance licensing clearinghouse for financial professionals operating in multiple states. “Today’s historic vote is the culmination of years of efforts seeking more efficient insurance licensing for financial professionals working in multiple states. This bipartisan legislation will remove redundant regulatory burdens, establish a streamlined multistate licensing process, and enhance consumer choice. We want to recognize partner trade groups, including the Independent Insurance Agents and Brokers of America and the Council of Insurance Agents and Brokers, for their leadership and collaboration in achieving this long-sought and commonsense reform to multistate insurance licensing.
And most importantly, on behalf of our 150,000 financial advisors, our broker-dealer members, and the entire insured retirement industry, we thank Senate and House leaders for their determination in advancing this legislation. This includes the efforts of Senator Jon Tester (D-Mont.), Senator Mike Crapo (R-Idaho), Congressman Randy Neugebauer (R-Texas), and Congressman David Scott (D-Ga.).
Because of these combined efforts, one-stop insurance licensing across state lines will soon be a reality.”
About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is the leading association for the retirement income industry. IRI proudly leads a national consumer coalition of more than 20 organizations, and is the only association that represents the entire supply chain of insured retirement strategies. IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement. Learn more at www.irionline.org.