An organization to streamline state-by-state agent and broker licensing could have been one presidential signature away from reality. The U.S. House of Representatives on Tuesday passed the Homeowner Flood Insurance Affordability Act, which was supposed to include language establishing the National Association of Registered Agents and Brokers, known as NARAB, as the U.S. Senate did on Jan. 30. However, NARAB was not in the final bill that passed the House.
It wasnt taken out but it just wasnt included, says Jill Hoffman, assistant vice president of federal government relations at the National Association for Insurance and Financial Advisors. What the House passed is not identical to the Senate language [of the flood bill] and they didnt put NARAB in. The reason, we were told from the Speakers office, is that they wanted a clean bill. They needed a clean bill because of the dynamics of the flood insurance bill.
