They're picking up our suggested language for laws, so there's progress there--but the big ones are the passage of NARAB
and continued progress on seeing the NRRA implemented the way we think it should.
OFC fans such as the American Insurance Association and the American Council of Life Insurers are against resurrecting NARAB
, while foes such as the Big I and NAMIC are for it.
provisions of NARAB
, there still is deviation in the
We will remain focused on ensuring the voice and perspective of surplus lines licensees is represented during the implementation of NARAB
and development of NARAB
's national licensing standards," Parks says.
Notable for PIA, the bill also includes the creation of NARAB
II, an independent, non-government, non-profit membership organization based in Washington, D.
II has been re-introduced with growing bipartisan support in both houses of Congress (S.
In addition to NARAB
II, McRaith cited producer licensing, product approval, reinsurance captives and mortgage insurance as areas where state regulators have failed to bring their regulations in line with one another, despite years of complaints from the industry about inefficiencies in the oversight process.
In 2011, we'll continue our advocacy on the implementation of surplus lines, the renewed interest in NARAB
II and efficient producer licensing.
This was confirmed at the June summer meeting of the National Association of Insurance Commissioners (NAIC) when their NARAB
Working Group indicated that it would soon certify at least 29 states as having met the nonresident producer licensing reciprocity requirements outlined in the NARAB
provisions of GLBA.
The bill also includes agent licensing reform, with the National Association of Registered Agents and Brokers (NARAB
II) legislation that establishes a permanent NARAB
Bill Renews Terrorism Insurance Program for Six Years; NARAB
II Included in Bipartisan Bill
II bill, as it has become known, would create a nonprofit board that would allow insurance agents and brokers to obtain certification to operate on a multistate basis.