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.
Proponents of the bill say it will modernize agent and broker licensing and reduce redundant paperwork.
“The NARAB Reform Act will make independent agents more efficient by eliminating costly and redundant paperwork for multi-state agent licenses,” says Robert Rusbuldt, president and CEO of the Independent Insurance Agents & Brokers of America. “By streamlining the licensing process, agents will have more time to focus on what’s most important—serving consumers.”
Source: Independent Insurance Agents & Brokers of America
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