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Graham-Leach-Bliley Act: A Legal Case Study

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Each state has its own licensing requirements for agents and brokers but the Graham-Leach-Bliley Act (GLB) required more uniform laws in order to allow the agents and brokers to work in different states. General requirements to be licensed include that the individual concerned be above 18 years old. He must not be convicted and he must have passed an authorized examination. In addition, any life insurance agents who sell variable annuities or variable life insurance must also be licensed by the Securities and Exchange Commission, because these products involve investments of securities.
An individual agent is one who has undergone requisite training, passed an examination and been duly licensed by IRDA to sell insurance policies to the public

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