Washington — Insurance industry associations continue to pick sides over H.R. 5611, the National Association of Registered Agents and Brokers (NARAB) Reform Act. Opponents of the legislation contend that the bill is a half-measure, and will siphon support from an ongoing legislative effort to establish an optional federal charter (OFC) for insurers.
“The insurance regulatory system needs comprehensive reform,” says Frank Keating, president and CEO of the American Council of Life Insurers (ACLI). “Legislation that only addresses discrete concerns will not provide consumers with the modern, efficient, world-class system they deserve. OFC is the only insurance regulatory reform concept that addresses the dynamic and global nature of the insurance marketplace. It would create a national regulator with clear authority delegated by Congress to address new issues and concerns as they arise. It would create a more efficient national system for product approval, assuring producers across the nation that they will be able to serve the needs of their clients with the most innovative products available.”
Source: American Council of Life Insurers
