The National Association of Registered Agents and Brokers Reform Act (NARAB) continued its progress towards passage in both houses of Congress throughout April. NARAB (H.R. 1155 in the House and S. 534 in the Senate) would create a nonprofit governing board of state insurance regulators and industry representatives to create rigorous and uniform standards across the nation; placing a particular emphasis on ethical, licensing, continuing education and nonresident insurance producer standards. The bill continues to be well-supported within the insurance industry. NAPSLO members met with a number of co-sponsors of NARAB during the 2013 NAPSLO Legislative Fly In and were encouraged by the widespread optimism in both the House and Senate. Both chambers anticipate moving forward this summer. Additional discussions regarding bill language recently focused on clarifying that NARAB would not create a federal regulator or hold any regulatory authority.
Please contact NAPSLO Legislative Director Keri Kish with any questions regarding NARAB, or any of NAPSLO’s other legislative efforts.