New rules and procedures for insurance professionals wishing to sell insurance in more than 1 state were enacted at the federal level a few years ago.

New rules and procedures for insurance professionals wishing to sell insurance in more than 1 state were enacted at the federal level a few years ago. Signed in January 2015, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (H.R. 26) includes the new rules and the creation of something called NARAB.

a) What is NARAB? When was it created? Is it up and running?

b) What are the pros and cons of multi-state licensing? Who benefits? Who loses?

Expert Solution

a. NARAB is the National Association of Registered Agents and Brokers. It is created with jurisdiction to oversee insurance producer nonresident licensing and continuing education standards on a national level. NARAB members pay state licensing fees for each state where they do business. It was created to fix the system of state-based producer licensing.

NARAB was created in 1999.

Yes NARAB is still up and running.

b. Previously an insurance professional licensed in one state had to meet the non licensing requirements in other states to sell there. Now with the multi state licensing they need not do so.

Submitting the same information each time when the professional wants to sell in other states imposed significant costs on them and the agency which has been saved.

Thus it benefits both the insurance professionals and the agencies.

With greater ease in getting multi state licenses even criminals manage to get them in states which do not require their fingerprints and background checks. Such cases are dangerous for the customers.

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