The creation of a uniform agent and broker licensing system has made progress recently, but there is still work to be done, industry leaders warned at a hearing in Washington, D.C., on May 16. The hearing was held by the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Albert R. Counselman, a former chairman of The Council of Insurance Agents and Brokers, told the subcommittee that some states, particularly larger ones, have been dragging their feet in adopting necessary licensing reforms.
The reforms were mandated with passage of the Gramm-Leach-Bliley Act (GLBA), and must be adopted by 29 states before November 2002. If the 29-state requirement is not met, GLBA requires that the uniform standards of the National Association of Registered Agents and Brokers (NARAB) be established.