National Association of Registered Agents and Brokers (NARAB II)
The National Association of Registered Agents and Brokers (NARAB II) was enacted as part of the Terrorism Risk Insurance Program Reauthorization Act of 2015. WSIA strongly supported the creation of NARAB II and advocated for its passage with Congress because it will streamline agent and broker licensing for those operating on a multi-state basis. It creates a nonprofit board governed by a panel of state insurance regulators and industry representatives to create rigorous standards and ethical requirements with a goal of applying licensing, continuing education and nonresident insurance producer standards on a multi-state basis. With a focus on nonresident licensing, agents or brokers applying for a national license through NARAB will first be required to hold a current license in their home state, pass a national criminal background check and meet the criteria established by the Board, which shall include standards for personal qualifications, educational training and professional experience.
The underlying NARAB legislation directed the President, with the advice and consent of the U.S. Senate, to appoint the 13 Board members (8 regulators and 5 industry members) 90 days from January 12, 2015. Unfortunately, the NARAB Board of Directors has yet to be appointed and therefore NARAB has yet to become operational. The former President issued 10 nominations but none of the nominees received hearings by the Senate prior to the expiration of the last Congress. Prior nominees may request reconsideration by the new administration; however, the administration may announce new nominees at its discretion for consideration by the Senate. Industry remains dedicated to NARAB and is hopeful that the President will take quick action to nominate board members in the near term.
Once a quorum of the board is approved, it will first establish rules, requirements and procedures for membership, as well as a national licensing clearinghouse. For additional information about NARAB, visit WSIA's NARAB implementation resource.
NARAB Comment Letters
November 27 - NARAB Joint Trades Appointment Letter