H.R. 2554 (111th): National Association of Registered Agents and Brokers Reform Act of 2010

Introduced:
May 21, 2009 (111th Congress, 2009–2010)
Sponsor:
Rep. David Scott [D-GA13]
Status:
Died (Passed House)

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 March 3, 2010 but was never passed by the Senate.

Progress
Introduced May 21, 2009
Referred to Committee May 21, 2009
Passed House Mar 03, 2010
Cosponsors
44 cosponsors (23R, 21D) (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

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Last updated Mar 04, 2010.
32 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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

3/3/2010--Passed House amended.
National Association of Registered Agents and Brokers Reform Act of 2010 - Amends the Gramm-Leach-Bliley Act to reestablish the National Association of Registered Agents and Brokers (NARAB) as a nonprofit corporation to prescribe, on a multistate basis, licensing and insurance producer qualification requirements and conditions.
Retains states' regulatory authority over:
(1) licensing, supervision, disciplining, and setting of licensing fees for insurance producers; and
(2) insurance-related consumer protection and unfair trade practices.
Makes any state-licensed insurance producer eligible to become a NARAB member.
Denies an insurance producer NARAB membership-eligibility, however, if a state insurance regulator has suspended or revoked the producer's license during the three-year period preceding the date on which such producer applies for membership.
Prescribes requirements for resumption of eligibility.
Preconditions NARAB membership eligibility upon a national criminal background record check that complies with regulations prescribed by the Attorney General. Requires NARAB, upon request, to submit to the Federal Bureau of Investigation (FBI):
(1) identification information obtained from an insurance producer; and
(2) a request for a national criminal background record check of the producer.
Requires the Attorney General, upon NARAB request, to search all records of the FBI Criminal Justice Information Services Division for criminal history records and to provide all pertinent information to the NARAB. Grants a producer the right to access such records.
Prescribes civil and criminal penalties for their improper use or disclosure.
Directs the Attorney General to prescribe implementing regulations, including protections for ensuring the confidentiality of information and opportunity for a producer to contest the accuracy of information.
Authorizes NARAB to establish membership criteria and separate classes and categories of membership.
States that NARAB membership authorizes an insurance producer to engage in the business of insurance in any state for any lines of insurance specified in the producer's home state license, including claims adjustments and settlement, risk management, and specified insurance-related consulting activities.
Prohibits duplicative state licenses.
Retains state regulatory jurisdiction regarding consumer protection, unfair trade practices, and market conduct.
Makes NARAB membership renewable biennially.
Requires NARAB to establish continuing education requirements as a condition of membership.
Requires NARAB to notify the National Association of Insurance Commissioners (NAIC) when a producer's membership has been suspended, revoked, and otherwise terminated.
Requires NARAB to establish an office of consumer complaints, including a toll-free telephone number.
Creates a board of directors for NARAB. Preempts state laws purporting to regulate insurance producers.
Authorizes NARAB to coordinate with state insurance regulators to establish:
(1) a central clearinghouse (or use the NAIC or any other appropriate entity as one); and
(2) a national database for the collection of regulatory information concerning the activities of insurance producers (or contract with the NAIC or any other entity to utilize such a database).

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.

This summary can be found at http://www.gop.gov/bill/111/2/hr2554.

Summary

H.R. 2554 would reestablish the National Association of Registered Agents and Brokers (NARAB) as a nonprofit corporation to prescribe, on a multi-State basis, licensing and insurance producer qualification requirements and conditions. The bill would authorize the NARAB to: (1) establish membership criteria, including a mandatory criminal background check for state-licensed insurance producers; and (2) deny membership to a State-licensed insurance producer on the basis of the criminal history information obtained.   The bill would grant NARAB enforcement powers, including denial of membership to any State-licensed insurance producer for failure to meet membership criteria.

The bill would require NARAB to establish an office of consumer complaints, including a toll-free telephone number.  It would authorize NARAB to coordinate with State insurance regulators to: (1) establish a central clearinghouse; and (2) establish a national database for the collection of regulatory information concerning the activities of insurance producers.  The legislation would state that NARAB membership authorizes an insurance producer to engage in the business of insurance in any state for any lines of insurance specified in the producer's home state license, including claims adjustments and settlement, risk management, and specified insurance-related consulting activities.  The State's would retain regulatory jurisdiction regarding consumer protection and market conduct, and the States would retain regulatory authority over: (1) licensing, supervision, disciplining, and setting of licensing fees for insurance producers; and (2) insurance-related consumer protection and unfair trade practices.   

Cost

The Congressional Budget Office (CBO) has not yet produced a cost estimate for H.R. 2554.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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.)