Staying on top of and complying with many different states regulations cost life brokerage agencies an average of $12,600 per year and 347 hours of staff time, according to a recent survey.
Around 84% of life brokers surveyed by the National Association of Independent Life Brokerage Agencies, Fairfax, Va., think the variation of state-imposed rules is also losing potential sales, either by their own business or that of their insurance sellers.
NAILBA member agencies are licensed on average in 31 states, according to the study.