NAMIC Welcomes House Passage of NARAB II Legislation

NAMIC Welcomes House Passage of NARAB II Legislation

The National Association of Mutual Insurance Companies applauded passage today of HR 1155, the National Association of Registered Agents and Brokers Act of 2013, known as NARAB II, by the U.S. House of Representatives.

“By streamlining the licensing process for agents and brokers across state lines, this legislation will increase competition to the benefit of those in the marketplace for coverage, while still maintaining the state’s authority to regulate the marketplace and protect consumers,” said Jimi Grande, senior vice president of federal and political affairs for NAMIC.

HR 1155 would create a nonprofit board – on which state regulators would have a dominant majority – for insurance agents and brokers to obtain approval to operate on a multi-state basis. This board would establish standards for membership that exceed the existing requirements in any state. An agent or broker seeking approval would be required to be fully licensed in his or her home state and satisfy rigorous membership criteria, but once approved could obtain the regulatory approval necessary to operate in any other selected jurisdiction.

“Given the strong, bipartisan support for the NARAB II legislation, NAMIC urges the Senate to follow-up on its passage out of the Banking Committee and bring it to the floor for a vote,” Grande said.

Matt Brady
Director, Federal Public Affairs