NARABNational Association of Registered Agents and Brokers (Insurance)
References in periodicals archive ?
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 II forward.
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.
NARAB 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.
Under NARAB, an agent would be able to hold a home state license and then is eligible to apply for NARAB membership that satisfies the NARAB membership requirements.
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.