WASHINGTON (March 4, 2010)- The National Association of Mutual Insurance Companies (NAMIC) commended members of the House for voting to approve legislation creating a uniform licensing system for insurance agents and brokers.
The National Association of Registered Agents and Brokers Reform Act of 2009, or HR 2554, was introduced by Rep. David Scott, D-Ga., and Rep. Randy Neugebauer, R-Texas, along with 44 additional bipartisan cosponsors. It was passed on the suspension calendar, which is used for non-controversial pieces of legislation.
“The National Association of Registered Agents and Brokers Reform Act, or NARAB II, provides common sense reforms that level the playing field between states for agents, allowing licensed agents to offer their services across all jurisdictions without impeding on the regulatory rights of the states themselves,” said Marliss McManus, senior federal affairs director for NAMIC. “This common sense reform will help ensure that customers have a vibrant, competitive marketplace as they shop for insurance coverage.”
The legislation would establish the National Association of Registered Agents and Brokers through which one set of licensing, continuing education, and other insurance producer qualification standards could be adopted and applied on a multi-state basis. However, it would preserve the right of states to license, supervise, discipline, and establish licensing fees for insurance producers, as well as to prescribe and enforce laws and regulations with regard to insurance-related consumer protection and unfair trade practices.
“As the Congress continues to study and debate the future of regulatory reform of the property/casualty industry, this approach would streamline the current regulatory system and establish uniform and consistent standards, while leaving the day-to-day regulatory control at the state level,” said McManus.
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