Federal legislation designed to streamline nonresident insurance agent and broker licensing has the strong support of two of the country's biggest producer groups, along with qualified backing from the broker association that originally introduced the concept.
The NARAB Reform Act was scheduled to be introduced in the House last week by Rep. David Scott, D-Ga., and Geoff Davis, R-Ky. The bill provides for one-stop nonresident licensing by establishing a National Association of Registered Agents and Brokers as a private, nonprofit entity managed by a board composed of state insurance regulators and marketplace representatives.
The bill does not set NARAB membership standards–such as for personal qualifications, education, training and experience–leaving that to the NARAB board, which has to "consider" the highest standards in place in the states.
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