Lawmakers reintroduce insurance agent licensing bill
Reprints
Legislation that would streamline insurance agent licensing was introduced in both houses of Congress on Tuesday.
The bipartisan National Association of Registered Agents and Brokers Reform Act of 2013 — or NARAB II — would formally create NARAB as a nonprofit, independent board comprising state insurance commissioners and insurance market representatives.
After passing background checks in their home states, insurance agents could apply for NARAB membership, allowing them to sell insurance in other states.
The bill was introduced in the Senate by Sens. Jon Tester, D-Mont., and Mike Johanns, R-Neb., and in the House of Representatives by Reps. Randy Neugebauer, R-Texas, and David Scott, D-Ga., with 14 co-sponsors in the Senate and 41 in the House.
“NARAB II is critical for the tens of thousands of Big I members who operate on a multistate basis,” said Robert A. Rusbuldt, president and CEO of the Independent Insurance Agents & Brokers of America in a statement. “By providing a mechanism for establishing true nonresident licensing reciprocity, this legislation would improve licensing while ensuring that states retain the authority to regulate marketplace activity and enforce important consumer protection laws.”
NARAB II has previously passed the House but not the Senate.
