The Risk and Insurance Management Society (RIMS) is standing behind the establishment of the National Association of Agents and Brokers (NARAB), a clearinghouse that would help producers gain multi-state licenses.
“Permitting insurance producers to practice across state lines will increase competition, potentially lowering rates,” said RIMS board director Carolyn Snow. “Additionally, organizations that work with independent producers, as well as those that need to protect assets in multiple states would benefit from NARAB's propensity to reduce redundancies and inefficiencies in the purchasing process, while also allowing those businesses to only work with one broker or agent.”
Although the provision suggesting NARAB's creation was written in 1999, the National Association of Registered Agents and Brokers Reform Act (NARAB II) passed the Senate Banking Committee in June 2013, and passed the House by a 397-6 vote on September 10.
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