President Obama yesterday nominated four individuals to the board 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. Re-establishing NARAB has been a longstanding priority for the American Bankers Insurance Association.
Two NARAB nominees are state insurance commissioners: South Carolina Department of Insurance Director Raymond Farmer and Minnesota Department of Commerce Commissioner Mike Rothman. The other two, Thomas McLeary and Heather Steinmiller, are executives at insurance brokerages. When fully appointed, the NARAB board will have thirteen members: eight state commissioners and five members with private-sector licensing experience.
Obama also named Mark McWatters, a member of the National Credit Union Administration board, to serve on the board of the Export-Import Bank. Ex-Im currently has only two of five board member positions filled, leaving it unable to approve transactions over $10 million.