State legislatures in more than the required 29 states recently met reciprocity requirements for producer licensing laws under the Gramm/Leach/Bliley Act. The National Association of Insurance Commissioners (NAIC) approved the states’ certification during a recent interim conference call, beating the deadline of Nov. 12, 2002 for enactment of reciprocity laws under GLB.
The NAIC’s National Association of Registered Agents and Brokers (NARAB) Working Group voted to approve certification of the 35 states that met the reciprocity requirements spelled out in the federal law.
“The National Association of Independent Insurers (NAII) congratulates state legislators on this crucial victory,” NAII Vice President Samuel Sorich said. “State legislators realized the urgency of meeting the deadline and worked with state officials, industry and the NAIC to pass legislation quickly. Their ability to respond gives further credence to the effectiveness of state insurance regulation while at the same time it prevented the preemption of certain state licensing laws. More state legislatures are expected to meet reciprocity requirements in the coming months.”
The NAII also congratulated the NAIC. “The NAIC showed tremendous leadership in offering guidance and support to the states in their effort to hammer out the appropriate reciprocity requirements,” Sorich said. “Their efforts over the last year took determination and hours of hard work and NAII looks forward to working with the NAIC in the coming months on establishing uniformity standards for resident and non-resident producers.”
The 35 states that have met the reciprocity requirements are: Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Hawaii, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Nebraska, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, and Wyoming.
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