Washington — The House of Representatives has passed H.R. 5611, the National Association of Registered Agents and Brokers Reform Act of 2008 (or NARAB Reform Act), by a voice vote.
The Act, introduced by Reps. David Scott (D-Ga.) and Geoff Davis (R-Ky.) earlier this year, would provide for non-resident insurance agent and broker licensing while preserving the rights of states to supervise and discipline insurance agents and brokers. This legislation modifies the original NARAB provisions of the Gramm-Leach-Bliley Act to immediately establish NARAB as a private, non-profit entity managed by a board composed of insurance regulators and marketplace representatives. The NARAB board created by this legislation would not be part of, or report to, any federal agency, and would not have any federal regulatory power.
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