The Alliance of American Insurers (AAI) is pressing Pennsylvania Gov. Mark Schweiker to sign a bill recently passed by the State Legislature that would implement producer licensing reform.
If the governor signs the bill as expected, Pennsylvania would follow Massachusetts, Michigan, Ohio, South Carolina, Tennessee, Vermont and West Virginia in enacting such legislation this year.
“A total of 42 states now have enacted new producer licensing laws since the federal Gramm-Leach-Bliley Act was passed in Congress,” according to Rey Becker, Alliance vice president of property/casualty. “Another four states: Georgia, Montana, Texas and Washington have enacted reciprocity language only.”
According to AAI Mid-Atlantic regional manager Neil Malady, the bill mirrors the National Association of Insurance Commissioners’ model act for such legislation.
The Alliance worked closely with all interested parties to make the bill more uniform with the NAIC model. This included rebuffing several last-minute amendments.
“While we already have surpassed the federally mandated number of 29 states needed to pass producer licensing reform, final action in these states moves us even closer to the Alliance’s eventual goal of obtaining reform in all 50 states,” Becker said.
Topics Pennsylvania
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