Proposed Legislation Would Streamline the Insurance Purchasing Process
NEW YORK (September 24, 2013)—RIMS, the risk management society™, has announced its support for the creation of the National Association of Agents and Brokers (NARAB), an independent nonprofit that would allow for multi-state licensing for insurance producers.
“Permitting insurance producers to practice across state lines will increase competition, potentially lowering rates,” said RIMS Board Director Carolyn Snow. “Additionally, organizations that work with independent producers, as well as those that need to protect assets in multiple states would benefit from NARAB’s propensity to reduce redundancies and inefficiencies in the purchasing process, while also allowing those businesses to only work with one broker or agent.”
Adopted by the House of Representatives on September10, NARAB would continue to allow states to maintain full authority in regulating the insurance business within their jurisdiction and membership would be available to qualified insurance producers. NARAB is currently being reviewed by the Senate.
RIMS will continue to monitor the formation of NARAB and other key legislation that impact the risk management profession. For more information about RIMS External Affairs initiatives, visit www.RIMS.org/externalaffairs.