The Department of Business Regulation is pleased to announce that Rhode Island is the thirteenth state to pass the Insurance Producer Licensing Model Act. The Producer Licensing Model Act establishes reciprocity and contains other provisions that streamline the licensing process and increase national licensing uniformity. Governor Lincoln Almond signed both Senate and House bills, which will become effective immediately
The passage of the Producer Licensing Model Act in Rhode Island means that 16 more states must do the same to avoid federal oversight of agent licensing or the formation of a National Association of Registered Agents and Brokers (NARAB).
Rhode Island’s act is in all material respects identical to the model approved by the National Association of Insurance Commissioners.
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