Agent and broker groups voiced strong support at a Senate hearing today for legislation that would create a streamlined non-resident producer licensing system.
The proposed legislation "would strengthen state-insurance regulation, reduce unnecessary redundancies and regulatory costs, and enable the industry to more effectively serve the needs of insurance buyers – and it would achieve these results without displacing or adversely affecting state regulatory oversight," said Jon Jensen, president of Correll Insurance Group, Spartanburg, S.C. and chairman of the Government Affairs Committee of the Independent Insurance Agents and Brokers of America.
"Nonresident producer licensing is a growing bureaucratic issue for me and my colleagues," added Scott Trofholz, president and CEO of Harry A. Koch Company, Omaha, Neb., testifying on behalf of the Council of Insurance Agents and Brokers. "We believe that creation of National Association of Registered Agents and Brokers is the best means through which we can achieve comprehensive producer licensing reform."
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