A bill that could streamline cross-state insurance agent licensing has attracted a bipartisan team of sponsors and co-sponsors.
Reps. David Scott, D-Ga., and Geoff Davis, R-Ky., introduced the bill, along with the help of 9 Democratic co-sponsors and 7 Republican co-sponsors.
All but 1 of the 16 co-sponsors are members of the House Financial Services Committee.
The National Association of Insurance and Financial Advisors, Falls Church, Va., and the Independent Insurance Agents and Brokers of America, Washington, also are backing the bill, which is based on the National Association of Registered Agents and Brokers provision of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999.
“Insurance regulatory reform is a top priority for NAIFA, and NARAB II is a positive step in that direction,” says NAIFA President Jeffrey Taggart.
NAIFA is also looking at broader bills, such as the proposed National Insurance Act, which would give insurers the option of choosing a federal charter.
“Our support of NARAB II should not be interpreted as an early indicator that NAIFA plans to either oppose or support [optional federal charter] legislation,” Taggart says.
Life insurers don’t support the NARAB-II concept, according to Steve Brostoff, a staffer at the American Council of Life Insurers, Washington.