Survey: Broker-dealers say state licensing limits annuity sales

03/20/2013 |

Eight out of 10 broker-dealers said their annuity sales are hindered by states' regulations on licensing, according to an Insured Retirement Institute survey. The majority of respondents said that states' insurance licensing regulations are ill-defined and redundant. Congress should pass the National Association of Registered Agents and Brokers Reform Act of 2013 "to establish a streamlined licensing process, and, at the same time, retain states' authority to regulate the marketplace," said Cathy Weatherford of the IRI.

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