S. 534: National Association of Registered Agents and Brokers Reform Act of 2013

Introduced:
Mar 12, 2013
Status:
Reported by Committee
Prognosis
42% chance of being enacted
See Instead:

H.R. 1155 (same title)
Passed House — Sep 10, 2013

Track this bill
Sponsor
Jon Tester
Senior Senator from Montana
Party
Democrat
Text
Read Text »
Last Updated
Mar 12, 2013
Length
38 pages
Related Bills
S. 2342 (112th) was a previous version of this bill.

Referred to Committee
Last Action: Apr 24, 2012

H.R. 1155 (Related)
National Association of Registered Agents and Brokers Reform Act of 2013

Passed House
Last Action: Sep 10, 2013

 
Status

The committees assigned to this bill sent it to the House or Senate as a whole for consideration on June 6, 2013.

Progress
Introduced Mar 12, 2013
Referred to Committee Mar 12, 2013
Reported by Committee Jun 06, 2013
Passed Senate ...
Passed House ...
Signed by the President ...
Prognosis

42% chance of being enacted.

Only about 23% of bills that made it past committee in 2011–2013 were enacted. [show factors | methodology]

 
Full Title

A bill to reform the National Association of Registered Agents and Brokers, and for other purposes.

Summary

No summaries available.

Cosponsors
27 cosponsors (15D, 12R) (show)
Committees

Senate Banking, Housing, and Urban Affairs

Securities, Insurance, and Investment

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Citation

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


7/29/2013--Reported to Senate amended.
National Association of Registered Agents and Brokers Reform Act of 2013 -
Section 2 -
Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Establishes the NARAB without contingent conditions as an independent nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions.
Prohibits NARAB from merging with or into any other private or public entity.
Requires the NARAB, without affecting state regulatory authority, to provide a mechanism for the adoption and multi-state application of requirements and conditions pertaining to: (1) licensing, continuing education, and other qualifications of non-NARAB insurance producers; (2) resident or nonresident insurance producer appointments; (3) supervision and disciplining of such producers; and (4) the setting of licensing fees for insurance producers.
Makes any state-licensed insurance producer eligible to join the NARAB, except during a period of license suspension or revocation. Requires an individual insurance producer to undergo a criminal history record check by the Federal Bureau of Investigation (FBI). Requires the NARAB to submit to the FBI identification information obtained from the insurance producer, upon producer request, as well as a request of its own for the criminal history record check.
Authorizes the NARAB to: (1) establish membership criteria; and (2) deny membership to an individual state-licensed insurance producer on the basis of the criminal history information obtained, or where the producer has been subject to certain disciplinary action.
Prescribes procedures governing a criminal history record check, including the rights of applicants denied membership.
Authorizes NARAB to establish membership criteria, including separate classes of membership and membership criteria for business entities; but prohibits it from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of NARAB, including discriminatory membership fees.
Authorizes NARAB to establish separate categories of membership for insurance producers and for other persons or entities within each class, based on the types of licensing categories that exist under state laws.
Prohibits NARAB from establishing special categories of membership, including distinct membership criteria for members that are depository institutions or for their employees, agents, or affiliates.
Prohibits NARAB from adopting any qualification less protective to the public than that contained in the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act.
Prescribes procedures for authorized information sharing pursuant to a request by a licensed insurance producer.
Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria.
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.
Makes NARAB membership equivalent to a nonresident insurance producer license for specified purposes.
Empowers NARAB to act as agent for any member for the purpose of remitting licensing fees to a state.
Requires NARAB to disclose to states, including state insurance regulators and the NAIC, on an ongoing basis, a list of the states in which each member is authorized to operate.
Retains state regulatory jurisdiction regarding: (1) consumer protection and market conduct, and (2) state disciplinary authority.
Requires NARAB to establish, as a condition of membership, continuing education requirements comparable to the continuing education requirements under the licensing laws of a majority of the states.
Prohibits NARAB from offering continuing education courses for insurance producers.
Grants NARAB disciplinary enforcement powers.
Requires NARAB to: (1) receive and investigate consumer complaints, and to maintain a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator. Prescribes information- sharing procedures and limitations with the NAIC or governmental entities.
Authorizes NARAB to establish: (1) a central clearinghouse, or utilize NAIC as one, through which NARAB members may disclose their intent to operate in one or more states; and (2) a database, or utilize NAIC as one, for the collection of regulatory information concerning the activities of insurance producers.
Establishes the NARAB board of directors, whose membership shall include state insurance commissioners. Sets forth terms and procedures for appointment of members by the President. Authorizes reappointment to successive terms. Prohibits compensation on account of Board membership.
Declares that NARAB shall not be deemed to be an insurer or insurance producer within the meaning of any state law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance.
Sets forth procedures for presidential oversight of NARAB, including removal of the entire existing Board.
Sets forth a limited preemption of state laws purporting to regulate insurance producers.
Directs NARAB to coordinate with the Financial Industry Regulatory Authority (FINRA) in order to ease administrative burdens that fall on NARAB members subject to regulation by FINRA.
Authorizes any person aggrieved by a NARAB decision or action to commence a civil action in an appropriate federal district court.
Prohibits federal funding of NARAB.

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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