Late last week, a bipartisan group of lawmakers from the U.S. House of Representatives and Senate sent a letter to President Trump urging the Administration to nominate members of the NARAB Board as soon as possible. Rep. Barry Loudermilk (R-Georgia) and Sen. Jon Tester (D-Montana) took the lead on sending the letter.
The Big “I” supports the letter and advocated for members of the House Financial Services Committee and the Senate Banking committee to sign on to it.
The National Association of Registered Agents & Brokers Reform Act (NARAB II) became law in January 2015. When implemented, it will provide voluntary, non-resident licensing reform while preserving the rights of states to supervise and discipline agents and brokers. NARAB is to be overseen by a board of eight state insurance regulators and five private-sector representatives.
In 2016, President Obama sent 10 board nominations to the Senate for confirmation, but the Senate failed to act before it adjourned for the year. In September 2017, the Treasury Department released a report stating that the Federal Insurance Office (FIO) would recommend board nominations to President Trump.
Since then, the Big “I” has had multiple conversations with the FIO and Treasury Department to help facilitate the process, which included sending an updated list of nearly 20 names of Big “I” members to the Treasury Department for consideration as NARAB Board appointees.
Wyatt Stewart is Big “I” senior director of federal government affairs.