The National Association of Insurance Commissioners has rejected the idea of offering a special license for producers who focus on selling term life insurance.[@@]
Some insurers have pushed for creating a “limited line term life” license, arguing that the license would cut the cost of selling term life insurance through live human beings and expand sales of much-needed insurance to middle-income families.
But producer groups have opposed the proposal, contending that it would water down producer licensing standards.
The resolution adopted here at the NAIC winter meeting states that the Kansas City, Mo., group rejects the establishment of a limited line license for producers to sell term life insurance.
The resolution was approved by the NAIC’s “plenary” – the body that includes all voting NAIC members.
The resolution reinforces the NAIC’s commitment to uniform standards, according to Iowa Insurance Commissioner Susan Voss.