Days before the annual Big “I” Legislative Conference, U.S. Senators Jon Tester (D-Montana) and Mike Johanns (R-Nebraska), introduced legislation to reform the agent licensing system, The “National Association of Registered Agents and Brokers Reform Act of 2012”, commonly referred to as “NARAB II”, provides for a uniform system for reciprocal licensing of non-resident insurance agents and brokers. Its introduction follows the introduction of similar legislation in the U.S. House of Representatives by Rep. Randy Neugebauer (R-Texas) and Georgia’s own David Scott. The NAIC has agreed to endorse the Senate bill. To review a copy of that bill, click here.
Stay tuned for futher developments regarding this important legislation.