WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford following the U.S. House of Representatives passage of the National Association of Registered Agents and Brokers Reform Act of 2013 (H.R. 1155), also known as NARAB II. The bill would create a one-stop, national insurance licensing clearinghouse for financial professionals operating in multiple states.
“With the House passage of this bill, and with companion legislation (S. 534) already advanced by the Senate Banking Committee, there is unprecedented momentum to get this bipartisan legislation enacted in to law to secure its promise of an efficient and cost-effective insurance licensing process for financial advisors operating in multiple states. This is a common-sense bill that will maintain important consumer protections, retain states’ authority to regulate the marketplace, and ultimately remove a barrier that is impeding broker-dealers’ ability and financial advisors’ willingness to sell lifetime income products. On behalf of our members and the insured retirement community, we thank Congressman Randy Neugebauer (R-Texas), Congressman David Scott (D-Ga.), and the other 89 co-sponsors for their leadership on this issue.”