NARAB II Legislation Passes Senate for the First Time
WASHINGTON, D.C. – January 30, 2104The 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.”