While not yet official, the Senate has strong bi-partisan support for the creation of a new clearinghouse for non-resident agent and broker licensing.
The National Association of Registered Agents and Brokers (NARAB) would
- reduce the time and effort to obtain non-resident licenses
- consist of eight state insurance commissioners and five industry representatives
- charge an as-yet undetermined fee for joining the Association
- conduct federal background checks on insurance agents before they become members
- not be a government agency
- still allow states to be in charge of licensing and charge their usual fees for non-resident license
A vote on the floor is expected soon. “There’s solid ground to move this forward,” said Sen. Jon Tester, D-Montana, chairman of the subcommittee. “There’s not a lot of opposition to this bill.”
State regulators also support the creation of the NARAB. Juli McNeely, secretary of the National Association of Insurance and Financial Advisors (NAIC), anticipates that the NARAB will use the most-stringent licensing requirements from the various states when adopting a national standard. “It’s a positive for consumers, and it would be a positive for agents,” said Ms. McNeely.