White House Announces First Batch of NARAB Nominations

In encouraging news for the Big “I” this week, the White House announced the first four nominations for the National Association of Registered Agents and Brokers (NARAB) board of directors. The initial nominees include two insurance commissioners and two private-sector representatives.

The nominations were sent to the U.S. Senate, which must confirm nominees before they begin service on the NARAB board. Nine additional NARAB nominations are expected to be released in the coming months to complete the board.

The Big “I” is hopeful that the Senate will quickly confirm these NARAB nominees, as well as the nine future nominees once it receives them. The association welcomes the news of these initial NARAB nominations and looks forward to continuing its work with the White House, the Federal Insurance Office and Congress as NARAB’s implementation continues moving forward.

As previously reported, NARAB will be a private, nonprofit, nongovernmental entity, and a 13-member board of directors will manage it. Eight state insurance regulators and five private-sector representatives will comprise the board, which must operate transparently and will not be part of any federal agency.

NARAB will provide agents and agencies with a vehicle for obtaining the authority necessary to operate on a multistate, nonresident basis. It is designed to establish true licensing reciprocity and create a one-stop compliance vehicle for nonresident licenses.

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