H.R. 1155: National Association of Registered Agents and Brokers Reform Act of 2013

H.R. 1155

National Association of Registered Agents and Brokers Reform Act of 2013

Date
September 10, 2013 (113th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

On Tuesday, September 10, 2013, the House will consider H.R. 1155, the National Association of Registered Agents and Brokers Reform Act of 2013, under a suspension of the rules.  The bill was introduced on March 14, 2013 by Rep. Randy Neugebauer (R-TX) and referred to the Committee on Financial Services.

Bill Summary

H.R. 1155 would establish the National Association of Registered Agents and Brokers (NARAB), an independent nonprofit corporation, which would serve as a national clearinghouse for insurance agents and brokers to obtain approval to operate on a multi-state basis.  However, this legislation would still preserve state’s regulatory authority over marketplace activity and their ability to enforce important consumer protection laws.

NARAB would be authorized to establish membership criteria, including a required criminal background check, and to deny membership based upon information obtained.  In addition, it authorizes NARAB to establish classes of membership and establish membership criteria, as well as to deny membership for failure to meet membership criteria.

Furthermore, this legislation requires NARAB to receive and investigate consumer complaints via toll-free telephone number, and to refer complaints to the state insurance regulator.  Finally, it authorizes NARAB to coordinate with state regulators to establish a central clearinghouse and a national database for collecting regulatory information.

Background

Similar legislation passed the House by voice vote in the 110th Congress (H.R. 5611), and the 111th Congress (H.R. 2554).

Cost

No formal CBO estimate is currently available; however an analysis of the Senate counterpart of H.R. 1155 (S. 534) estimated a reduction in the deficit of $7 million over a ten year period. 

Additional Information

For questions or further information contact the GOP Conference at 5-5107.