The Big I Plans Big Show of Support for NARAB II in Washington, D.C. |
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Written by U.S. Insurance News
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Sunday, 23 March 2008 |
There won't be any surprise regarding the topic of discussion when "The Big I" convenes its Legislative Conference in April.
According to Charles E. Symington, senior vice president for Government Affairs for the association of independent insurance agents and brokers, that topic will be showing support for H.R. 5611, a bipartisan agent licensing reform bill introduced by Rep. David Scott (D-Ga.) and Rep. Geoff Davis (R-Ky.).
"We commend Reps. Scott and Davis for introducing this important legislation," Symington said. "Our support for this bill will be the primary focus of our Legislative Conference early next month, when more than 1,200 insurance agents from across the country will come to Washington, D.C., to advocate on certain issues with their federal representatives."
Symington said the bill, which is also supported by the National Association of Insurance and Financial Advisors, will benefit both brokers and consumers.
Often referred to as NARAB II, H.R. 5611 is a follow-up to the Gramm-Leach-Bliley Act (GLBA). It would build upon regulatory experience at the state level and promote consistency, streamline procedures from state to state, and preserve marketplace responsiveness. The result for all stakeholders would be a more efficient, modernized, and workable system of insurance agent licensing and greater competition among NARAB members, leading to more consumer choice.
"The current state regulatory system has worked effectively to ensure insurer solvency and protect both individual consumers and businesses," said Robert E. Fulwider, chairman of The Big I. "However, our regulatory system needs reform in several areas, including agent licensing."
Fulwider explained that the average independent agency is authorized to operate in at least eight states. That, of course, means complying with seven additional sets of non-resident rules, which often serve no consumer benefit.
"This bill would reform and improve the current state-based system of insurance regulation by providing one-stop, non-resident licensing reciprocity," Fulwider said. |
