On March 3, 2010, the U.S. House of Representatives passed the National Association of Registered Agents and Brokers Reform Act of 2009 (H.R. 2554 or “NARAB II”) on a voice vote. We previously covered H.R. 2254’s introduction last May here. NARAB II will now head to the Senate for consideration where similar legislation has not yet been voted on.
NARAB II would establish a single set of licensing, continuing education, and other insurance producer qualification standards that would be applied on a multi-state basis, thus creating a national licensing system. States would still be responsible for licensing, supervision of producers, discipline, and for regulating consumer protection, market conduct and unfair trade practices. Many industry groups have voiced support for NARAB II, including the Independent Insurance Agents & Brokers of America (the Big “I”) and the National Association of Mutual Insurance Companies (NAMIC).