The House yesterday passed a revised version of H.R. 1155, a bill that would enable multistate licensing of insurance producers through the establishment of the National Association of Registered Agents and Brokers (NARAB). The House passed it with overwhelming support, 397 voting in favor of the bill and 6 against the bill.
The passage of NARAB is a key priority of the ABIA, we have a Task Force of members that work to promote passage and have been visiting Congressional offices to urge support for the bill. The NARAB bill would permit agents and brokers who are NARAB members in good standing to sell or broker insurance in any state based on a home state license. Individual states would continue to regulate such things as market conduct, insurance producer conduct, unfair trade practices and consumer protections.
Similar legislation cleared the Senate Banking Committee in June and awaits consideration by the full Senate.
Read the House-passed bill.
If you would like to learn more about ABIA's support for NARAB or join our members-only Task Force, please contact us.