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PIA Supports NARAB II Passage, Cautions Against Assigning It to FIO

On September 10, 2013, the U.S. House of Representatives passed the National Association of Registered Agents and Brokers Reform Act (NARAB II)(H.R. 1155)...
September 18, 2013

On September 10, 2013, the U.S. House of Representatives passed the National Association of Registered Agents and Brokers Reform Act (NARAB II)(H.R. 1155). PIA endorsed NARAB II after our concerns were addressed.

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.

In a statement following House passage, PIA sounded a cautionary note, saying that supervisory authority over NARAB II should never be granted to the Federal Insurance Office (FIO). PIA believes that assigning NARAB II to the FIO 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. PIA’s statement was quoted in the National Underwriter and Insurance Journal, among other industry publications.