Legislation to create a national non-resident licensing program for life insurance agents and brokers, NARAB II, has been introduced in the House and the Senate. The bill has 14 bipartisan cosponsors in the Senate and 41 in the House.
NAIFA President Rob Smith issued the following statement on the NARAB II legislation:
NARAB II, legislation to enact the national agent/broker licensing entity for non-resident licensing on a multi-state level, has been introduced in both the House and the Senate with a Senate Hearing scheduled for next week. NAIFA encourages and supports this common-sense approach to eliminate the duplicative and burdensome state-by-state non-resident licensing. Producers, once licensed in their home state, can apply for membership to NARAB. The new entity will be governed by a 13-member panel of state regulators and insurance industry representatives. This will be a win for insurance consumers and for agents both, reducing unnecessary costs and establishing standards that exceed existing requirements.