The future for brokers could soon get a whole lot easier. A Senate hearing held Tuesday centered on NARAB II, the National Association of Registered Agents and Brokers Act of 2013, introduced last week in both the House and Senate. The bill creates a non-profit, national organization of the same name that would simplify the licensing process for brokers conducting business outside of their state of residence.
Three industry representatives unanimously agreed that the bill would have no groups, to their knowledge, against the law. Industry spokesmen from the National Association of Insurance Commissioners, Independent Insurance Agents and Brokers of America and the Council of Insurance Agents and Brokers were on hand to testify at the hearing. The bill, S.534, is sponsored by Sens. Jon Tester (D – Mont.) and Mike Johanns (R – Neb.).
