Reps. David Scott (D-Ga.) and Geoff Davis (R-Ky.) have introduced H.R. 5611, the National Association of Registered Agents & Brokers Reform Act (NARAB II). The bill aims to modernize the current system of insurance agent licensing as it applies to those who are registered in multiple states. If passed, H.R. 5611 will establish the National Association of Registered Agents and Brokers (NARAB), a nonprofit organization to regulate licensing standards on a nationwide scale.
This bill would not replace the current state-based regulatory system or reduce the requirements for agent licensure. Instead, H.R. 5611 allows producers who are licensed and operate in multiple states to comply with a standard set of licensing and continuing education rules. This concept was originally proposed in the Gramm-Leach-Bliley Act of 1999.
The National Association of Insurance and Financial Advisors and the Independent Insurance Agents and Brokers of America both support the legislation, while the American Insurance Association opposes the bill.
To view H.R. 5611, click HERE.
