Broker-dealers say holding state insurance licenses among multiple jurisdictions is a regulatory obstacle that can lead to diminished retirement income product sales, according to new research by the Insured Retirement Institute.

Another 80 percent of respondents agree state regulations negatively impact annuity sales. Although 46 percent of respondents report they're interested in selling more annuities, 83 percent of respondents say it would take much more time to sell annuities than other investments. 

On average, it takes almost 22 hours per year to complete continuing education requirements and licensing renewals to sell annuities as opposed to fewer than 16 hours for selling securities, the research finds. The research also reveals that seven in 10 respondents say state insurance licensing can be unclear or poorly defined while eight in 10 respondents say state insurance regulations are duplicative.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.