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Monday, April 20, 2015

NARAB Implementation Begins, NAIC Nominates Candidates to Governing Board

Earlier this year, Congress passed and President Obama signed into law the establishment of the National Association of Registered Agents and Brokers (NARAB) as part of the renewal of the Terrorism Risk Insurance Act (TRIA).  Last week, the National Association of Insurance Commissioners (NAIC) submitted a list of 14 state insurance commisioners to the White House to be considered as part of the NARAB governing board.  The White House is in charge of nominating a governing board of 13 people, with eight of the candidates being required to have a regulatory background and will evaluate each of the candidates.

Once the Board is established, NARAB will create standards insurance producers must meet in order to business in other states , supplementing the current system, which asks producers to meet requirements in their home state and every other state in which the wish to operate.  ABIA supports passage of the legislation saying NARAB would simplify licensing procedures and reduce costs.  Industry experts suggest that NARAB may be fully implemented and ready to start issuing producer licenses by 2017.

NARAB Governing Board Nominees

  • Al Redmer, Jr., Maryland
  • Chester A. McPherson, District of Columbia
  • John D. Doak, Oklahoma
  • Raymond G. Farmer, South Carolina
  • Tom Glause, Wyoming
  • Wayne Goodwin, North Carolina
  • Adam Hamm, North Dakota
  • Ralph T. Hudgens, Georgia
  • John M. Huff, Missouri
  • Dave Jones, California
  • Monica J. Lindeen, Montana
  • Stephen W. Robertson, Indiana
  • Roger A. Sevigny, New Hampshire
  • Lori Wing-Heier, Alaska