Senate Passes National Insurance Licensing Act, Includes Amendment Introduced by Senator Warren
WASHINGTON, DC - The Senate has passed legislation that will streamline the licensing of registered insurance agents and brokers across state lines by establishing the National Association of Registered Agents and Brokers. The provision, passed as part of the Homeowner Flood Insurance Affordability Act on Thursday, includes language from an amendment introduced by Senator Elizabeth Warren (D-Mass.) and adopted as part of Senate Banking Committee legislation last year. The amendment was the first Banking Committee amendment introduced by Senator Warren.
The National Association of Registered Agents and Brokers Reform Act was originally cosponsored as a standalone bill by Senator Jon Tester (D-Mont.) and Senator Mike Johanns (R-Neb.) Senator Warren worked closely with Senator Tester to secure passage of the compromise language, which was adopted by the Banking Committee in June.
"This national insurance licensing legislation will streamline and strengthen the licensing process, and I'm pleased it has passed the Senate," said Senator Warren.
Senator Warren's amendment modified the structure of the NARAB board. Under the bill, eight of the 13 members of the Board of Directors are state insurance commissioners and appointed by the President. The amendment allows the President to appoint anyone with experience and expertise relating to insurance licensing to the other five positions.