In major news for agents and brokers across the country, the “National Association of Registered Agents & Brokers Reform Act” (NARAB II) was introduced in both the U.S. Senate and House of Representatives on Tuesday.
NARAB II would provide nonresident (beyond an agent’s home state) insurance agent and broker licensing reform, while preserving the rights of states to supervise and discipline agents and brokers. The legislation is a top priority for the Big “I.”
H.R. 1155 was introduced by Reps. Randy Neugebauer (R-Texas) and David Scott (D-Ga.) in the House, and S. 534 was introduced by Sens. Jon Tester (D-Mont.) and Mike Johanns (R-Neb.) in the Senate. The Big “I” is proud to once again work with a bipartisan group of legislators committed to protecting so many of America’s Main Street businesses.
On March 19, the Senate Committee on Banking, House, and Urban Affairs Subcommittee on Securities, Insurance, and Investment is holding a hearing, “Streamlining Regulation, Improving Consumer Protection and Increasing Competition in Insurance Markets,” that will focus on the NARAB II proposal and its benefits.
Jon Jensen, an independent agent from South Carolina and chairman of the Big ‘I” Government Affairs Committee, will testify on behalf of the association.
The Big “I” strongly supports this common-sense reform of agent licensing to reduce the administrative burdens faced by the association’s small business members and looks forward to next week’s hearing in the Senate and future action in both chambers.
John Prible is Big “I” vice president of federal government affairs.