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.