Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Group Criticizes Agent Licensing Programs

By staff Writer

X
Your article was successfully shared with the contacts you provided.

States should make sure their agent licensing programs are fair, an interest group says.

The Coalition for Financial Security, Washington, is talking about exam fairness in connection with the 25th anniversary of a lawsuit settlement involving Golden Rule Insurance Company, Indianapolis.

Golden Rule argued in the lawsuit that the life insurance licensing exam in Illinois was racially biased, according to the CFS, Washington.

A recent CFS survey found “double-digit racial disparities” in passing rates for state life insurance licensing exams, the group says.

In some states, candidates with advanced degrees fail more than 40% of the time, and 94% of the states surveyed have life exam passing rates below the 70% level recommended by the National Association of Insurance Commissioners, Kansas City, Mo., in its licensing handbook, the CFS says.

Many states “may have unintentionally permitted their insurance exams to become artificial barriers to entry into the insurance profession,” the CFS says.

The CFS notes on its website that supporters include the Congressional Black Caucus Foundation; the American Council of Life Insurers, Washington; and MetLife Inc., New York.

NOT FOR REPRINT

© 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.