The Senate passed a bill this week that would re-establish a national licensing body for registered agents and brokers who want to sell retirement income products.
The National Association of Registered Agents and Brokers Reform Act of 2014, which was tacked on to the Homeowner Flood Insurance Affordability Act, would allow agents like broker-dealers to operate in many states without having to obtain individual licenses in each of those states. They would still have to be licensed in their home state, but as long as they had membership in the National Association of Registered Agents and Brokers, they would be permitted to operate in every other state.
NARAB maintains strict licensing and continuing education requirements and preserves all regulation of insurance at the state level. It also provides an additional layer of consumer protection by requiring the agents who become members to undergo criminal background checks.
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