NAIFA-TN is celebrating the recent signing of HB 2225 into law. Sponsored by Representative Dennis Powers and NAIFA-Tennessee member Senator Mark Pody, this bill limits the lookback of misdemeanors or Class E felonies to 10 years for insurance agent applicants. Class E felonies are often associated with low-quantity marijuana possession charges. In recent years, as many states have taken steps toward legalization, there are efforts to expunge or reconsider these types of crimes, which were disproportionately charged against minorities and people of color. HB 2225 is a step towards removing this barrier of entry into the insurance industry.
“Many professions are having a harder time finding people to join their line of work. The insurance industry is no different,” remarks Senator Pody, “This piece of legislation just removes a potential barrier that may have kept individuals who have proven their trustworthiness from even considering the insurance profession.”
NAIFA supports HB 2225 and legislation limiting the consideration of minor, non-financial, or fraud-related offenses. Additionally, NAIFA supports states’ efforts to review their licensing and background check processes to ensure they do not inadvertently discriminate and discourage minority applicants.
Recruiting within the Insurance & Financial Services industry has struggled in recent years, and the industry remains in a talent shortage. Further, expanding diversity among insurance producers is a critical step in expanding financial literacy and retirement preparedness.
NAIFA’s Future Leaders program is an initiative to cultivate the next generation of advisors through exclusive professional development events, education opportunities, and networking. The program offers virtual sessions led by NAIFA thought leaders. Topics include an introduction to the industry, finding a good fit in the industry, career options, and tools for success. Sessions presented earlier this year are available on demand.