The battle over whether to allow Uncle Sam to directly regulate the insurance business via an optional federal charter has split the agent/broker community wide open. However, even the Independent Insurance Agents and Brokers of America has started to come around to the idea of some national regulation–but not with Uncle Sam in charge. Where do you fall in this debate?
Its not news that the mega-brokers (represented by the Council of Insurance Agents and Brokers) are at odd with the middle-market and smaller independent agencies (represented by the IIABA).
CIAB was a pioneer in the federal oversight campaignpushing for the establishment of a self-regulatory organization called the National Association of Registered Agents and Brokers. NAARB was stillborn despite being included as a failsafe in the 1999 Gramm-Leach-Bliley law, after enough states got their act together on uniformity in producer licensing to avoid its creation.
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