A bipartisan group of seven Senate Banking Committee members today wrote President Obama asking when he will nominate board members of the National Association of Registered Agents and Brokers, also known as NARAB II. As NARAB members in good standing, agents and brokers will be able to sell or broker insurance in any state based on a home-state license.
A longstanding priority of the American Bankers Insurance Association, NARAB II was authorized by Congress early in 2015. Board members were required to be named within 90 days of enactment, but no nominations have yet been made.
“By reducing costs and increasing competition among insurance producers, we will generate lower costs and better service for consumers,” the senators wrote. “For consumer[s]to benefit it is important that the process to establish NARAB begin quickly.”