Media Center

Today, President Obama signed the Terrorism Risk Insurance Program Reauthorization Act (H.R. 26) into law. Included in this new law is the National Association of Registered Agents and Brokers Reform Act (NARAB), which was originally authored by Congressman David Scott in 2008.

“I introduced NARAB in 2008 to help reform and modernize a very important part of state insurance regulation, agent and broker licensing”, said Congressman Scott. “This legislation benefits consumers through increased competition among agents and brokers, thus leading to greater consumer choice.”

NARAB will provide streamlined non-residential insurance agent and broker licensing, while preserving the market conduct rights of states and their authority to supervise agents and brokers. This measure will also create reciprocity in producer licensing and assist policyholders by generating greater competition. NARAB only relates to marketplace entry and would not impact the day-to-day state regulation of insurance.

In 2008, Congressman Scott introduced H.R.5611 – the National Association of Registered Agents and Brokers Reform Act. His bill was approved by the House, but not the Senate. Since then, Congressman Scott has introduced and co-sponsored several versions of NARAB. In 2015, NARAB was successfully amended to a bill reauthorizing the Terrorism Risk Insurance Program (H.R. 26). That measure, with the NARAB language, was the first bill to be been signed into law in this session of Congress (P.L. 114-1).

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