The Senate Banking Committee today voted to send an insurance producer licensing reform measure to the full Senate for consideration.
The bipartisan bill — S. 534, the National Association of Registered Agents and Brokers Reform Act of 2013 or NARAB II — was introduced by Sens. Jon Tester (D-Mont.) and Mike Johanns (R-Neb.) in March with 14 original co-sponsors in the Senate. The bill currently has 23 bipartisan sponsors.
NARAB II seeks to promote consistency and reciprocity in agent and agency licensing among states. It would streamline non-resident insurance agent and broker licensing. Its backers say it would not usurp state insurance regulation or consumer protections.
The Independent Insurance Agents & Brokers of America (Big “I”) praised the committee action.
“NARAB II is vitally important for tens of thousands of Big ‘I’ members who operate on a multi-state basis,” said Robert A. Rusbuldt, Big “I” president and CEO.
Rusbuldt said the reform would “ease consumer access to insurance markets while also leaving important consumer protections in the capable hands of state insurance regulators.”
The House companion bill, H.R. 1155 by Rep. Randy Neugebauer (R-Texas) and Rep. David Scott (D-Ga.), was also introduced in March and currently has the support of 79 cosponsors, according to the Big “I.” NARAB II has previously passed the full House in two previous Congresses by voice vote.