National Association of Registered Agents and Brokers Reform Act of 2011

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R NeugebauerSponsor

70 cosponsors · 28 D, 42 R

D Wasserman Schultz JW

47 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

What it does: CRS summary · Introduced in House · Mar 16, 2011

National Association of Registered Agents and Brokers Reform Act of 2011 - Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Reestablishes the NARAB without contingent conditions as a nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions.

Retains states' regulatory authority over: (1) licensing, supervision, disciplining, and setting of licensing fees for insurance producers; and (2) insurance-related consumer protection and unfair trade practices.

Prohibits NARAB from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of NARAB.

Authorizes NARAB to: (1) establish membership criteria, including a mandatory criminal background check for state-licensed insurance producers, and (2) deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained.

Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria.

States that NARAB membership authorizes an insurance producer to engage in the business of insurance in any state for any lines of insurance specified in the producer's home state license, including claims adjustments and settlement, risk management, and specified insurance-related consulting activities.

Retains state regulatory jurisdiction regarding consumer protection and market conduct.

Requires NARAB to: (1) receive and investigate consumer complaints, maintaining a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator.

Authorizes the NARAB to coordinate with state insurance regulators to establish: (1) a central clearinghouse, and (2) a national database for the collection of regulatory information concerning the activities of insurance producers.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: National Association of Registered Agents and Brokers Reform Act of 2011

Latest action (Apr 4, 2011): Referred to the Subcommittee on Insurance, Housing and Community Opportunity.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 16, 2011

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.