39th State Passes Producer Reform
NU Online News Service, May 10, 2:50 p.m. EST?Vermont has become the 39th state to pass a producer licensing reform law since passage of the Gramm-Leach-Bliley Act mandated reciprocity licensing or face federal oversight.
The law, Vermont HB 186, which was signed April 8, is the fifth to be enacted this year following Massachusetts, Michigan, Ohio, and West Virginia, said the Alliance of American Insurers.
The legislation is similar to Massachusetts' reform law, HB 28, enacted May 3, and closely follows the National Association of Insurance Commissioners' model act, said Frank O'Brien, the Alliance's New England regional manager.
Lisa Thurbush, policy manager for the Downers Grove, Ill.?based association's property-casualty department said Georgia, Montana, Texas, and Washington state, have enacted reciprocity language, but not producer licensing reform. She said the goal of the Alliance remains to see producer licensing reform in all 50 states.
The legislation takes effect July 1.
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