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Monday, November 16, 2015

ABIA asks NCOIL Status of NARAB Board of Director Nominations

Last week, the American Bankers Insurance Association (ABIA) asked the National Conference of Insurance Legislators (NCOIL) to petition the President for the prompt nomination of members for the Board of Directors to the National Association of Registered Agents and Brokers (NARAB), the new national clearinghouse for non-resident producer licensing passed January 12 of this year.

ABIA also asked NCOIL to inquire of the National Association of Insurance Commissioners (NAIC) about the status of its nominees to the NARAB panel.

The statute passed in January says that the board should be nominated and confirmed by the Senate no less than 90 days after enactment, or by April 12 of this year, and that administrative proposals should begin 45 days after that.

Recognizing the severe delay in implementation, Kevin McKechnie, SVP and Director of the ABA Office of Insurance Advocacy, suggested to NCOIL members that the NARAB II experiment was in place of a broader preemption authority in the area of producer licensing that supporters of Optional Federal Charter argued should be added to the duties of the Federal Insurance Office (FIO).