A congressional subcommittee has taken the first step toward making the National Association of Registered Agents and Brokers Reform Act (aka NARAB II) bill law. The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, part of the House Financial Services Committee, approved NARAB II yesterday. It now moves to the full Financial Services Committee for consideration.
NARAB II is designed to create reciprocity among the 50 states for licensing of insurance producers. The IIABA is a strong supporter of the bill; it was high on the agenda during the Big "I" National Legislative Conference and Convention in Washington last April. No word yet on when the full committee will consider it. Because of the upcoming presidential nominating conventions, Congress has a relatively small number of work days left in the session before it recesses in early October for the elections.