Search
 

NARAB II Simplifies Multi-State Licensing

NARAB would allow agents and brokers to operate on a multi-state basis by eliminating duplicative state licensing requirements and unnecessary costs.

By Bernd G. Heinze, Esq. | Updated on October 31, 2012

As the risk and insurance requirements of policyholders cross state lines, annual state licensing compliance for agents and brokers has become increasingly difficult. It’s challenging for agents to comply with anywhere from two to 50 state regulatory mandates.

Collaboration between insurance trade groups has enhanced multi-state licensing compliance,  advanced consumer protections and maintained state-based regulation. Back in 1999, those efforts proposed the creation of the National Assn. of Registered Agents & Brokers (NARAB). Because a minimum number of states achieved the required level of license reciprocity, NARAB did not come into fruition. However, as state licensing issues continue to increase, a new plan is needed.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.