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NAIC's NARAB Working Group Certifies 37 Jurisdictions Reciprocal

The National Association of Insurance Commissioners (NAIC) NARAB Working Group met by conference call to approve their report entitled, "Recommendation of States Continuing to Meet...
August 15, 2011

The National Association of Insurance Commissioners (NAIC) NARAB Working Group met by conference call to approve their report entitled, "Recommendation of States Continuing to Meet Reciprocity Requirements of the Gramm-Leach-Bliley Act." The NAIC action regarding reciprocity comes after scrutinizing the states' licensing laws using tougher, updated standards.

In 2002, the NAIC certified that 47 jurisdictions met the non-resident producer licensing reciprocity requirements of the Gramm-Leach-Bliley Act (GLBA) and were reciprocal at that time. In 2009, the NAIC developed an "enhanced reciprocity standard" that represents a more detailed analysis covering more issues than the original standard. Based on this review, the NAIC WG recommends that 37 jurisdictions be certified reciprocal for the purposes of GLBA. The following 37 have been certified reciprocal. If your state is not on this list, we urge you to contact your department to encourage them to begin taking the steps necessary to become certified: AL, AK, AZ, AR, CO, CT, DE, DC, ID, IL, IA, KS, KY, LA, ME, MD, MA, MN, MS, MT, NE, NV, NH, NJ, NC, ND, OH, OK, OR, RI, SD, UT, VT, VA, WV, WI, WY.

This GLBA certification by the NAIC is a separate issue from the National Association of Registered Agents and Brokers Reform Act (NARAB II) (H.R. 1112), which was introduced earlier this year in the U.S. House of Representatives by Rep. Randy Neugebauer (R-Texas), Rep. David Scott (D-Ga.). PIA has endorsed the NARAB II bill.

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