The Senate Banking Committee today adopted an amendment introduced by United States Senator Elizabeth Warren (D-MA) to strengthen a bill on national insurance licensing. Senator Warren worked closely with Senator Jon Tester (D-MT) to secure passage of the compromise language.
"I'm pleased the Banking Committee agreed to this amendment to improve the national insurance licensing bill," said Senator Warren. "I am grateful to Senator Tester for working with me as well as various stakeholders representing industry and consumers to get to agreement on this language."
The National Association of Registered Agents and Brokers Reform Act of 2013, cosponsored by Senator Tester and Senator Mike Johanns (R-NE), is the first bill marked up by the Banking Committee this session. The legislation streamlines the licensing of registered insurance agents and brokers across state lines by establishing the National Association of Registered Agents and Brokers (NARAB).
Senator Warren's amendment would modify the structure of the NARAB board. Under the bill, eight of the 13 members of the Board of Directors are state insurance commissioners and appointed by the President. The amendment allows the President to appoint anyone with experience and expertise relating to insurance licensing to the other five positions.