IRI Lauds Senate Passage of Insurance Licensing Reforms
NARAB II Legislation Passes Senate for the First Time
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford after the Senate today voted 67-32 to pass the National Association of Registered Agents and Brokers Reform Act, also known as NARAB II. The legislation was contained within S. 1926, a bill related to the National Flood Insurance Program. The House passed standalone NARAB II legislation in September, but will need to pass the Senate bill for it to become law.
“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.”
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.
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Andrew Simonelli firstname.lastname@example.org IRI Lauds Senate Passage of Insurance Licensing Reforms