H.R. 5611 (110th): National Association of Registered Agents and Brokers Reform Act of 2008

Introduced:
Mar 13, 2008 (110th Congress, 2007–2009)
Sponsor:
Rep. David Scott [D-GA13]
Status:
Died (Passed House)
See Instead:
This bill was re-introduced as H.R. 2554 (111th) on May 21, 2009.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced in a previous session of Congress and was passed by the House on September 17, 2008 but was never passed by the Senate.

Progress
Introduced Mar 13, 2008
Referred to Committee Mar 13, 2008
Passed House Sep 17, 2008
Cosponsors
52 cosponsors (27R, 25D) (show)
Committees

House Financial Services

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

To reform the National Association of Registered Agents and Brokers, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Oct 02, 2008.
37 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/17/2008--Passed House amended.
National Association of Registered Agents and Brokers Reform Act of 2008 - Amends the Gramm-Leach-Bliley Act to reestablish the National Association of Registered Agents and Brokers as a nonprofit corporation whose purpose is to provide a mechanism through which licensing, continuing education, and other insurance producer qualification requirements and conditions can be adopted and applied on a multi-state basis, while preserving the right of states to:
(1) license, supervise, and discipline insurance producers; and
(2) prescribe and enforce laws and regulations regarding insurance-related consumer protection and unfair trade practices.
Sets forth membership requirements, including a mandatory criminal background check applicable to state-licensed insurance producers.
Sets limits upon permissible uses of such criminal background information, and imposes a criminal penalty for improper use.
Requires the Association, in establishing membership criteria, to consider the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act and the highest levels of insurance producer qualifications established under state licensing laws.
Authorizes the Association to deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained.
Establishes classes and categories of membership.
Declares that membership authorizes an insurance producer to sell, solicit, negotiate, effect, procure, deliver, renew, continue, or bind insurance in any state for any line or lines of insurance specified in such producer's home state license, and exercise all such incidental powers, including claims adjustments and settlement, risk management, employee benefits advice, retirement planning, and any other insurance-related consulting activities.
Authorizes the Association to deny membership to any state-licensed insurance producer for failure to meet membership criteria established by the Association. Preserves state consumer protection and market conduct regulation powers.
Grants the Association membership probation, suspension and revocation powers.
Requires the Association to establish an office of consumer complaints, including a toll-free telephone number.
Creates a Board of Directors to govern and supervise the Association and its members.
Preempts specified state actions.
Permits judicial review over litigation involving the Association.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 5 U.S.C. Chapter 7