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Jessica
Hanson
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Phone:
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202-286-5446
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Jessica.Hanson@pciaa.net
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PCI Applauds House Passage of NARAB II
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WASHINGTON – Last night, the U.S. House of
Representatives passed the H.R. 2554, the National Association of Registered
Agents and Brokers Reform Act (NARAB II).
NARAB II, introduced by Rep. David Scott (D-GA) and Rep.
Randy Neugebauer (R-TX), would create a streamlined system for nonresident or
reciprocal licensing of insurance agents on a national basis. PCI strongly
supports the NARAB legislation.
“This
legislation will benefit consumers by promoting competition in the insurance
marketplace through streamlined state insurance regulation," said
David A. Sampson, president and CEO of the Property Casualty Insurers
Association of America (PCI). “We applaud Representatives Scott and Neugebauer
for their sponsorship of the bill and urge the Senate to pass the legislation.”
H.R.2554 passed by a voice vote on the House floor last
night and will now move to the Senate. The bill amends the Gramm-Leach-Bliley
Act establish NARAB as a nonprofit corporation that would set licensing
requirements on a multi-state basis for insurance producers.
PCI is composed of more than 1,000 member companies,
representing the broadest cross-section of insurers of any national trade
association. PCI members write over $180 billion in annual premium, 37.4
percent of the nation’s property casualty insurance. Member companies write 44
percent of the U.S. automobile insurance market, 30.7 percent of the homeowners
market, 35.1 percent of the commercial property and liability market, and 41.7
percent of the private workers compensation market.
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