U.S. House of Representatives Advances Legislation to Streamline Agent Licensing
Issue: Insurance Regulatory Reform
Date: September 17, 2008
Action Taken: The U.S. House of Representatives today voted to advance legislation aimed at streamlining the licensure process for agents when it passed H.R. 5611, the National Association of Registered Agents and Brokers Reform Act of 2008. The bill had been previously approved by the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises in July. H.R. 5611 bypassed full Committee votes and was sent directly to the House floor today under suspension rules.
Background: The National Association of Registered Agents and Brokers Reform Act of 2008—dubbed NARAB II—would ease the multi state licensing process for insurance producers by allowing agents and brokers the choice to join a licensure clearinghouse known as NARAB. Members of NARAB will be held to single set of non resident licensing and continuing education standards. For more information and quick facts about NARAB II please go to: http://www.naifa.org/advocacy/irr/narab.cfm.
NAIFA worked very closely with the bill’s sponsors Rep. David Scott (D-GA) and Rep. Geoff Davis (R-KY) to bring about NARAB’s passage.
NAIFA’s Position: NAIFA supports state and federal efforts to achieve insurance regulatory reform and modernization that helps American families and businesses achieve financial security. NAIFA’s Board of Trustees previously voted to support H.R.5611, and will continue to work to advance this bill through the legislative process. NAIFA will continue to keep members informed of further developments.
NAIFA Staff Contact: For additional information, please contact Jill Edwards at jilledwards@naifa.org or Jen Piantedosi at jpiantedosi@naifa.org.
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