Industry hopes for a streamlined broker licensing process took a major hit Tuesday when the Senate adjourned without passing legislation that aimed to ease the ability of brokers to sell insurance in states across the U.S.
The Senate convened without passing S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014. Attached to the bill was a provision that would have created a National Association of Registered Agents and Brokers (NARAB II), a federal clearinghouse that would cut through the red tape of state-by-state broker and agent licensing and allow for brokers to sell insurance in states across the U.S.
