Brokers’ lives are (hopefully) about to get a little easier.
President Obama late Monday signed into law a bill re-establishing the National Association of Registered Agents and Brokers, which aims to ease the ability of brokers to sell insurance in states across the United States.
The legislation would set the stage for killing the current regulation that agent and client must live in the same state to do business together.
The legislation was attached to a bill renewing the Terrorism Risk Insurance Act. Both the House and the Senate quickly pushed the bill through last week.
The Independent Insurance Agents & Brokers of America praised the move, calling it one of the “biggest legislative victories” for brokers and agents in a decade.
The independent group said the creation of NARAB will “achieve much needed reciprocity in producer licensing and help policyholders by permitting greater competition among agents and brokers.”
“While this may take some time, the Big ‘I’ looks forward to working on implementation of this important new law that will provide relief for agents and brokers as well as increased choice for consumers,” Charles Symington, Big “I” senior vice president of external and government affairs, said in a news release.
The NARAB has long been sought by the industry, but its creation suffered a series of roadblocks in the past on its way to fruition. Last summer, the House pushed a bill through in December, but the Senate dragged its feet on the anti-terrorism legislation through the end of the year, and hopes were again dashed.