The Senate Banking Committee adopted last week a measure introduced by Sen. Elizabeth Warren (D-Mass.) that seeks to bolster a bill on national insurance licensing.
The National Association of Registered Agents and Brokers Reform Act, which was co-sponsored by Sens. Jon Tester (D-Mt.)—who helped Warren pass the legislation—and Mike Johanns (R-Neb.), is the first piece of legislation marked by the committee during the current session of Congress.
The bill streamlines the licensing of registered brokers and insurance agencies through the creation of the National Association of Registered Agents and Brokers. Under NARAB’s current structure, eight of the 13 board members are state insurance commissioners appointed by the president.
Warren’s amendment would allow the president to appoint to the other five positions any individual with experience and expertise related to insurance licensing.
“I’m pleased the Banking Committee agreed to this amendment to improve the national insurance licensing bill,” Warren said. “I am grateful to Senator Tester for working with me as well as various stakeholders representing industry and consumers to get to agreement on this language.”