National Association of Registered Agents and Brokers Reform Act of 2013 information
National Association of Registered Agents and Brokers Reform Act of 2013
Long title
To reform the National Association of Registered Agents and Brokers, and for other purposes.
Announced in
the 113th United States Congress
Sponsored by
Rep. Randy Neugebauer (R, TX-19)
Number of co-sponsors
42
Codification
Acts affected
Gramm-Leach-Bliley Act, NAIC Producer Licensing Model Act, District of Columbia Nonprofit Corporation Act, Federal Administrative Procedure Act
U.S.C. sections affected
15 U.S.C. § 6751 et seq., 18 U.S.C.
Agencies affected
United States Senate, Executive Office of the President, United States Department of Justice, Federal Bureau of Investigation
Legislative history
Introduced in the House as H.R. 1155 by Rep. Randy Neugebauer (R, TX-19) on March 14, 2013
Committee consideration by United States House Committee on Financial Services,
The National Association of Registered Agents and Brokers Reform Act of 2013 (H.R. 1155) is a bill that was introduced into the United States House of Representatives during the 113th United States Congress. The bill ultimately failed to be enacted.
The bill is meant to reduce the regulatory costs of complying with multiple states' requirements for insurance companies, making it easier for the same company to operate in multiple states.[1] The bill would transform the National Association of Registered Agents and Brokers (NARAB) into a clearing house that set up its own standards that insurance companies would be required to meet in order to do business in other states.[1] In this new system, however, the insurance company would only have to meet the requirements of their home state and the NARAB (only two entities), not their home state and every other state they wished to operate in (multiple entities).[1] Proponents of the bill argued that it would help lower costs for insurance companies and make insurance cheaper for people to buy.
In 2015, a similar law was enacted as part of Terrorism Risk Insurance Program Reauthorization Act of 2015.[2]
^ abcKasperowicz, Pete (September 10, 2013). "House votes to streamline cross-state insurance sales". The Hill. Retrieved September 11, 2013.
^"National Association of Registered Agents and Brokers Reform Act (NARAB II)". content.naic.org. Archived from the original on August 9, 2020. Retrieved August 9, 2020.
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