House approves bill to streamline insurance licensing

The House of Representatives today overwhelmingly passed legislation that would make it easier to obtain licenses to sell insurance in multiple states. The bill, approved 397-6, would create the National Association of Registered Agents and Brokers as a clearinghouse for nonresident-insurance-agent and broker licensing. Financial advisers who already are registered in one state could join the organization to become licensed to sell insurance in all other states. Currently, advisers must make those applications state by state. The bill would allow states to maintain their regulatory authority over insurance. The House passed NARAB legislation in the previous Congress, but it died in the Senate last year. Adding to the current momentum for the issue, the Senate Banking Committee approved its version of the bill in June. It is awaiting action on the Senate floor.