Media Center

Today, Rep. David Scott (D-GA) and Rep. Geoff Davis (R-KY) introduced bipartisan legislation to reform the current system of insurance agent licensing. H.R. 5611, commonly referred to as National Association of Registered Agents & Brokers Reform Act (NARAB), would 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. NARAB would also create reciprocity in producer licensing and assist policyholders by generating greater competition.

“I along with my colleague, Congressman Geoff Davis, introduced NARAB to help reform and modernize a very important part of state insurance regulation: agent and broker licensing”, said Scott. “This legislation is straight-forward and will most definitely benefit consumers through increased competition among agents and brokers, thus leading to greater consumer choice.”

Representative Davis had the following to say about the NARAB, “Burdensome and duplicative non-resident insurance licensing is an issue I hear about frequently from insurance agents and brokers in the Fourth District of Kentucky. I am proud to work with my friend from Georgia, David Scott, on a solution to simplify the process. This bill will make a meaningful contribution to the current discussion on options for reforming insurance regulation.”

Representative Scott and Representative Davis were joined by several members of the House Financial Services Committee in support of this important legislation.

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