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- National insurance bill reintroduced in US
National insurance bill reintroduced in US
- By ILS corp
- Published 05/27/2009
- ILSTV Stories
- Unrated
The legislation, known as the National Association of Registered Agents and Brokers Reform Act of 2009, or NARAB II was introduced by David Scott, a Democrat from Georgia and Randy Neugebauer, a Republican from Texas.
If passed, the legislation would establish NARAB as a national organization that would establish one set of licensing, continuing education and other insurance producer qualification standards. Requirements and standards would be applicable for members in all states, so brokers who work in multiple areas could abide by just one set of rules and regulations.
Membership in NARAB would be optional for agents, but all states would have to recognize credentials of agents who were licensed through the national organization.
Licensing standards would be set by a governing board of 11 members appointed by the president and approved by the Senate.
Agents licensed through the system would have to pay membership fees and would be subject to criminal-background checks.
Currently, only 17 states conduct criminal checks for insurance agents.
If passed, this legislation would not set up a federal insurance regulator.
Similar legislation passed the full House in September 2008 but never attained a Senate vote.
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