National Association of Registered Agents and Brokers Reform Act of 2012

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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.

D TesterSponsor

9 cosponsors · 4 D, 5 R

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

What it does: CRS summary · Introduced in Senate · Apr 24, 2012

National Association of Registered Agents and Brokers Reform Act of 2012 - 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, continuing education, and other qualification requirements of non-NARAB producers; (2) resident or nonresident producer appointment requirements; (3) supervision and disciplining of such producers; and (4) setting of licensing fees for insurance producers.

Authorizes NARAB to: (1) establish membership criteria, including a mandatory criminal background check of the producer's Federal Bureau of Investigation (FBI) identification record for state-licensed insurance producers, and (2) deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained, or where the producer has been subject to certain disciplinary action.

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

Authorizes the NARAB to establish separate classes of membership and membership criteria, and requires it to do so for business entities.

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: (1) consumer protection and market conduct, and (2) state disciplinary authority.

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 2012

Latest action (Apr 24, 2012): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Apr 24, 2012

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

No recorded floor vote found.