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PIA Statement on House Passage of NARAB II (H.R. 1155)

PIA National issued this statement following passage in the U.S. House on September 10, 2013 of the National Association of Registered Agents and Brokers Reform Act (NARAB II)(H.R. 1155)...
September 11, 2013

PIA National issued this statement following passage in the U.S. House on September 10, 2013 of the National Association of Registered Agents and Brokers Reform Act (NARAB II) (H.R. 1155):

PIA favors innovations that streamline agent and broker licensing, so long as they do nothing to undermine the principle of state-based regulation of insurance. PIA endorsed NARAB II after our concerns were addressed. NARAB II provides another viable option for an improved agent licensing process, along with the National Insurance Producer Registry (NIPR), which recently achieved the capability for individual non-resident licensing and renewals for all 50 states and the District of Columbia. PIA serves on the board of NIPR.

PIA believes that supervisory authority over NARAB II should never be granted to the Federal Insurance Office (FIO), as that would constitute both a breach of the statutory prohibition against the FIO acting as a regulator of insurance and an assault on the principle of state-based regulation of insurance.