New Legislation On Non-Resident Licensing

annuity think tankBills have been introduced in both the House and Senate that would make it much easier for insurance agents to obtain licenses to sell insurance in multiple states.  A recent Senate hearing has pushed the legislation into high gear and Congress is expected to pass it.  The bill would create the National Association of Registered Agents and Brokers, which would act as a clearinghouse for non-resident insurance agent licensing.

 

 

By current practice, insurance agents who wish to do business in states other than their resident state must apply separately to each state, resulting in a lengthy process if an agent wanted licenses in multiple states.  By joining the National Association of Registered Agents and Brokers, an agent or advisor who was already licensed and registered in one state would also become licensed to sell in all other states without going through the process on a state by state basis.

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