Reps. David Scott (D-Ga.) and Randy Neugebauer (R-Texas) have introduced H.R. 2554, the National Association of Registered Agents and Brokers (NARAB II) Reform Act of 2009, into the House.
The legislation, more commonly known as NARAB II, aims to streamline non-resident insurance agent and broker licensing by promoting reciprocity among state insurance offices. The bill is drawing plaudits from brokers, who contend the law will ease the burden of producers who work across multiple states.
“This legislation improves licensing while ensuring that states retain the authority to regulate marketplace activity and enforce important consumer protection laws,” says Robert Rusbuldt, president & CEO of the Independent Insurance Agents & Brokers of America.
Carrier representatives are also lauding the reintroduction of the legislation, which was first introduced in the previous congressional term.
“This is a good bill, and we commend Congressmen Scott and Neugebauer for reintroducing it,” said David Sampson, president and CEO of the Property Casualty Insurers Association of America.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access