"For the first time ever, the Senate has voted to pass NARAB II legislation to help streamline and improve the insurance licensing process for thousands of financial advisors across the nation. This significant action is an important step toward removing a regulatory barrier that has been impeding broker-dealers’ ability and financial advisors’ willingness to sell lifetime income products.
"On behalf of our membership, we thank Senator Jon Tester (D-Mont.) and Senator Mike Johanns (R-Neb.) for their leadership on this important issue, and we extend our appreciation to all the Senators who supported this commonsense legislation. With their continued support, more efficient and effective regulation is on the horizon.
"There is unprecedented momentum to enact this legislation, and we urge all Members of the House to pass S. 1926 to fulfill NARAB II’s promise of streamlined and cost-effective insurance licensing across state lines.”