U.S. House Introduces the National Association of Registered Agents & Brokers Reform Act
Issue: Agent Licensing
Date: March 13, 2008
Action Taken: Today Rep. David Scott (D-GA) and Rep. Geoff Davis (R-KY) introduced H.R. 5611, a proposal to create a national licensure clearinghouse for insurance producers. As previously reported in the March 3 edition of GovTalk, if enacted the bill -- dubbed “NARAB II” -- would establish an organization known as the National Association of Registered Agents and Brokers (NARAB) to oversee reciprocal licensing standards on a national scale. NAIFA is pleased to have worked closely with Reps. Scott and Davis to bring about introduction of H.R. 5611 and are joined in our support for NARAB II by the Independent Insurance Agents and Brokers of America.
How NARAB II Could Affect Agents: To learn quick facts about NARAB II and what it could mean for your business, visit the NARAB II section of our website: www.naifa.org/advocacy/irr/narabII.cfm
Background: The concept of NARAB was first introduced as part of the Financial Services Modernization Act of 1999. The original NARAB legislation aimed to establish a national licensure clearinghouse if a majority of states could not pass uniform licensing regulations within three years of NARAB’s passage. A sufficient number of states did comply and NARAB was not established. However, issues hindering the ability for individuals and agencies to receive multiple state licenses remain; and therefore, efforts to create a national clearinghouse have been renewed.
Next Steps: NAIFA supports this legislation and will continue to keep members informed of its progress.
NAIFA Staff Contact: For additional information on this issue, please contact Jill Edwards, Director of Federal Relations.
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