The U.S. House passed legislation on Tuesday for the National Association of Registered Agents and Brokers, more commonly known as NARAB II. The Senate previously introduced the same bill but has not yet voted. If NARAB II becomes a law it will streamline the licensing process for agents and brokers nationwide, eliminating burdensome multistate requirements while preserving important state regulatory authority and consumer protections.
NARAB II will establish a national clearinghouse as a one-stop licensing system for agents and brokers operating outside of their home state. Agents and brokers will apply for membership of the Association, agreeing to strict standards and ethical requirements. NARAB II will be governed by a board of state insurance commissioners and industry representatives with a goal of applying licensing, continuing education and nonresident insurance producer standards on a multi-state basis while preserving the laws of individual states.
“Our Association and its members have put significant effort into advancing this legislation, taking advantage of every opportunity to highlight its impact and importance to the industry,” said NAPSLO Executive Director Brady Kelley. “We applaud the House for passing legislation that will greatly increase the efficiency and compliance in the licensing process for NAPSLO members licensed in multiple states.”
We will continue to provide the NAPSLO membership with updates as the legislation progresses in the Senate.