House passes agent/broker reform bill

WASHINGTON—The U.S. House of Representatives has approved a bill that would streamline reciprocal licensing of insurance agents and brokers nationally.

The National Assn. of Registered Agents and Brokers Reform Act of 2009, known as NARAB II, passed on a voice vote Wednesday. The bill, which was introduced last year by Reps. David Scott, D-Ga., and Randy Neugebauer, R-Texas, 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.

States would retain the power to license, supervise, discipline and establish licensing fees for insurance producers. States also would continue to prescribe and enforce laws and regulations with regard to insurance-related consumer protection and unfair trade practices.

Similar legislation has not been introduced in the Senate.