NU Online News Service, Oct. 4, 9:58 a.m. — Washington
The National Association of Insurance and Financial Advisors, Falls Church, Va., says it now supports congressional action to improve state insurance regulation.
In a new policy position, NAIFA says that it continues to support the “principles” underlying state regulation of insurance, but that a federal role is necessary to assure national uniformity and cost-efficiency.
But NAIFA also spells out guidelines that it thinks any federal actions aimed at improving the system ought to meet.
Agent licensing and continuing education requirements: All insurance agents should be licensed, but redundant licensing requirements should be eliminated, NAIFA says.
Each insurance agent should have to show one, and only one, regulator that he or she is qualified to be licensed and represent either a state-chartered or federally chartered insurer, NAIFA says.
NAIFA says that uniform substantive and procedural licensing requirements should be established for each class of similarly situated agents, and that each insurance agent should need to satisfy only one set of continuing-education requirements for each line of business.