Senators ask President to Appoint NARAB Board Members

Seven members of the Senate Banking Committee sent a letter to President Obama on December 15th requesting an update on when the thirteen nominations for the Board of Directors of the National Association of Registered Agents and Brokers (NARAB) will be announced. The bipartisan legislation to establish NARAB, which streamlines nonresident agent licensing, was signed into law on January 12th. The legislation provides for a board of directors composed of eight state insurance regulators and five marketplace representatives. “Until nominations are announced and then confirmed by the Senate, no progress can be made in setting up NARAB and making important policy and administrative decisions,” the Senators say.