Last Friday, the House of Representatives Financial Services Committee approved on a voice vote an amendment to the TRIA Reform Act of 2014 (H.R. 4871) to include the National Association of Registered Agents and Brokers Act (“NARAB II”). NARAB II would establish the National Association of Registered Agents and Brokers, a nonprofit corporation that would license nonresident agents and brokers in multiple jurisdictions, instead of requiring agents and brokers to make separate filings in each jurisdiction they are seeking licensure.
While the inclusion of NARAB II in the TRIA Reform Act of 2014 is a positive development for its supporters, there are still significant hurdles before it becomes law. First, NARAB II and related legislation has been under consideration by U.S. Congress since 2008 and has yet to gain enough support for enactment. Second, NARAB II has not yet been included in the related TRIA legislation introduced by the Senate, titled the Terrorism Risk Insurance Program Reauthorization Act (S. 2244). There are several important differences in the House and Senate bills that relate specifically to the TRIA program, including the length of time the program will be reauthorized for and the coverage triggers. The differences will need to be resolved for the reauthorization of TRIA, which is the primary concern, and could result in the exclusion of NARAB II from the final version of the legislation.
Dates have not been set by either the House or Senate for floor hearings of the respective bills.