A bill extending the Terrorism Risk Insurance Act (TRIA) program and establishing the National Association of Registered Agents and Brokers (NARAB II) was passed by the House on Wednesday and the Senate on Thursday. The bill is expected to be signed into law by President Obama in the next several days. The legislation also includes the National Association of Registered Agents and Brokers (NARAB II) legislation, which would establish a permanent NARAB to streamline agent licensing, which is intended to benefit small businesses and many insurance consumers.
Insurance industry associations widely supported the legislation and applauded the apparent fast tracking of the bill.
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