The 29-state NARAB requirement for licensing reciprocity has been surpassed, the National Association of Insurance Commissioners (NAIC) announced at the Summer National Meeting in New Orleans.
To date, 35 state legislatures have passed laws designed to satisfy the Gramm-Leach-Bliley Act requirements regarding licensing reciprocity, while legislation is pending final consideration in 10 additional states this year.
“I am proud to say that the NARAB challenge has been exceeded more than a year ahead of the deadline,” said Colorado Insurance Commissioner and NARAB Working Group Co-chair William J. Kirven III. “It’s a remarkable achievement for this many state legislatures to focus on any issue simultaneously–as they have in working toward this national framework.
“We anticipate that by December 2001, 45 states will have passed this act, ensuring near-national reciprocity for non-resident agent licensing,” Kirven added. “Once reciprocity is achieved, we will continue working toward our goal of uniformity.”
In December 1999, the NAIC established the NARAB Working Group, which developed revisions to the NAIC Producer Licensing Model Act (PLMA) to help states meet the mandated reciprocity requirements of GLBA. Just a little more than a year after NAIC adoption of the amended PLMA, more than the requisite number of states are on board.