This week, the Big “I” joined forces with five other insurance trade associations in sending a joint letter to the leadership of the U.S. House of Representatives that strongly supports the reauthorization of the Terrorism Risk Insurance Act (TRIA). The associations also urged the House to include H.R. 1155, the National Association of Registered Agents and Brokers Reform Act (NARAB II), in any TRIA legislation brought to the House Floor for a vote.

The letter was organized by the Big “I” and also signed by the American Association of Managing General Agents, the Council of Insurance Agents & Brokers, the Insured Retirement Institute, the National Association of Insurance & Financial Advisors and the National Association of Professional Surplus Lines Offices.

In June, the House Financial Services Committee reported a TRIA reauthorization bill out of their committee for consideration by the full House. The legislation included a NARAB II amendment (H.R. 1155), later accepted by voice vote. NARAB II would achieve much-needed reciprocity in producer licensing and help policyholders by permitting greater competition among agents and brokers, while also building upon regulatory experience at the state level, promoting greater consistency in agent and agency licensing and easing the burden many agents face in doing business across state lines.

Last year, the full House passed NARAB II by an overwhelming bipartisan 397–6 vote. A version of NARAB II with a two-year sunset clause is also present in the TRIA reauthorization bill the Senate passed in July by a 93-4 vote.

The Big “I” continues to lobby individually and in coordination with other insurance trade associations in support of TRIA and NARAB II.

Wyatt Stewart is Big “I” director of federal government affairs.