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A group representing wholesale insurance agents and brokers is urging the director of the Federal Insurance Office to appoint members to the board of the National Association of Registered Agents and Brokers immediately.
In a letter to FIO Director Michael McRaith dated Monday, Bernd G. Heinze, the executive director of the King of Prussia, Pennsylvania-based American Association of Managing Agents, notes that President Obama signed the NARAB provision of the Terrorism Risk Insurance Program Reauthorization Act into law in January. NARAB would create a national clearinghouse for non-resident agent licensing.
In his letter, Mr. Heinze said that the benefits of NARAB “are not able to be realized until such time as a board is appointed.”
“We respectfully urge you to move forward in selecting and appointing the NARAB Board immediately, such that the remaining provision of the law can then be effected.”
Hunt Valley, Maryland-based wholesale broker All Risks Ltd. has acquired Austin, Texas-based Tower Program Insurance Services Inc.