WASHINGTON–The Government Accountability Office said in a report released yesterday that inconsistencies, such as conducting background checks and fingerprinting, remain in state licensing of insurance producers.
"Without full checks on applicants, states may less effectively protect consumers," the report said, noting that "licensing standards, including how state regulators define lines of insurance, also vary across states, further hindering efforts to create reciprocity in agent licensing."
The report said the differences "may result in inefficiencies that raise costs for insurers and consumers."
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 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.
