Filed Under:Your Practice, Regulatory

IRI releases study in connection with NARAB hearing

NAIC recognize the importance of NARAB, but it must not undermine state authorities, said Monica J. Lindeen, NAIC vice president. (AP photo/Matt Gouras)
NAIC recognize the importance of NARAB, but it must not undermine state authorities, said Monica J. Lindeen, NAIC vice president. (AP photo/Matt Gouras)

Strong support for legislation that would create a streamlined nonresident producer licensing system was voiced today at a Senate hearing by officials representing the insurance industry’s primary agent and broker trade associations.

And, the Insurance Retirement Institute, which represents life insurers who sell tax-advantaged products, released a study in connection with the hearing indicating that maintaining state insurance licenses across multiple jurisdictions is a regulatory obstacle that may impede the sale of retirement income products.

The IRI study is part of a research initiative to identify regulatory barriers that impede broker-dealers’ ability and financial advisors’ willingness to sell lifetime income products.

IRI officials said in a statement released at the hearing that the study found that 80 percent of broker-dealers said state regulations have a negative effect on the ease of conducting annuity sales. In fact, while 46 percent of broker-dealers say they would like to sell more annuities, 83 percent of broker-dealers and 76 percent of financial advisors believe it takes considerably more time to sell annuities compared to other investments.

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Nichole Morford

Nichole Morford
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