Advertise
Resources
Member, Beacon International Group, Ltd.
WASHINGTONLegislation that would streamline reciprocal licensing of insurance agents and brokers nationally has been reintroduced in Congress.
The National Assn. of Registered Agents and Brokers Reform Act of 2009, known as NARAB II, was introduced by Reps. David Scott, D-Ga., and Randy Neugebauer, R-Texas, on Thursday.
The measure would establish the National Assn. of Registered Agents and Brokers as a nonprofit corporation to provide a mechanism for licensing and other insurance producer qualification requirements and conditions on a multistate basis.
Producers would pay a fee to be a NARAB member and would be subject to a national criminal background check prior to membership.
Although the bill would establish a national licensing system, states still would have the power to license, supervise, discipline and establish licensing fees for insurance producers and to prescribe and enforce laws and regulations with regard to insurance-related consumer protection and unfair trade practices.
Similar legislation passed the full House of Representatives in 2008, but never made it to the Senate floor.