The board that's supposed to implement NARAB
II Act, and ease the remaining barriers that keep agents and brokers from doing business in multiple states, does not have a quorum, because it has too few confirmed members, the department says.
Congress enacted NARAB
II in early 2015 and President Obama signed the legislation on Jan.
Lee Covington, IRI's senior vice president and general counsel, said "there has been unprecedented momentum during this Congress to move NARAB
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.
II was enacted into law by President Obama's signature in Jan.
The conversation centered around NARAB
II, and how it will hopefully streamline the processes that govern the way producers do business in multiple states.
The Insured Retirement Institute on Thursday applauded Senate passage of the Terrorism Risk Insurance Act (TRIA) of 2014, which included a provision known as NARAB
II, which creates a national insurance licensing clearinghouse for financial professionals operating in multiple states.
, an agent would be able to hold a home state license and then is eligible to apply for NARAB
membership that satisfies the NARAB
II would create a nonprofit board for insurance agents and brokers to obtain approval to operate in multiple states, without having to go to each state individually in order to obtain a license.
Because a minimum number of states achieved the required level of license reciprocity, NARAB
did not come into fruition.
Specifically, NAIFA is in favor of NARAB
II, which would permit insurance producers licensed to practice in several states to comply with a single-set of non-resident licensing and continuing education standards.