Given the fact that getting an optional federal charter approved anytime soon is little more than a pipe dream, I hope the industry rallies around the latest proposal to use Uncle Sam not as the industry's ultimate regulator, but more as a facilitator to make multi-state licensing of agents and brokers more efficient. I also can't help but wonder why the same concept could not be applied to national insurance company licensing as well.
Yesterday, as reported by our own David Postal, the NARAB Reform Act was introduced in the House of Representatives by Rep. David Scott, D-Ga., and Geoff Davis, R-Ky.
The bill, reports Mr. Postal, “provides for one-stop non-resident licensing by establishing a National Association of Registered Agents and Brokers as a private, non-profit entity managed by a board composed of state insurance regulators and marketplace representatives.”
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