National Association of Registered Agents and Brokers Reform Act of 2010
Latest action · Mar 4, 2010 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 21, 2009
- Passed HouseMar 3, 2010
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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).
Cosponsors 44
Members who signed on, in the order they did. Signatures ran from May 21, 2009 to Oct 7, 2009, with 34 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Adam H. Putnam | Original | May 21, 2009 |
| D-NC | Brad Miller | Original | May 21, 2009 |
| D-OH | Charles A. Wilson | Original | May 21, 2009 |
| D-LA | Charlie Melancon | Original | May 21, 2009 |
| R-NY | Christopher J. Lee | Original | May 21, 2009 |
| D-KS | Dennis Moore | Original | May 21, 2009 |
| D-ND | Earl Pomeroy | Original | May 21, 2009 |
| R-KY | Geoff Davis | Original | May 21, 2009 |
| R-FL | Ginny Brown-Waite | Original | May 21, 2009 |
| D-NY | Gregory W. Meeks | Original | May 21, 2009 |
| D-WI | Gwen Moore | Original | May 21, 2009 |
| R-FL | Ileana Ros-Lehtinen | Original | May 21, 2009 |
| R-SC | J. Gresham Barrett | Original | May 21, 2009 |
| R-KS | Jerry Moran | Original | May 21, 2009 |
| R-PA | Jim Gerlach | Original | May 21, 2009 |
Actions 9
Everything that happened, newest first.
- Mar 4, 2010Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Mar 3, 2010Considered under suspension of the rules. (consideration: CR H1071-1076)
- Mar 3, 2010DEBATE - The House proceeded with forty minutes of debate on H.R. 2554.
- Mar 3, 2010Motion to reconsider laid on the table Agreed to without objection.
- Mar 3, 2010Mr. Scott (GA) moved to suspend the rules and pass the bill, as amended.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 3
Each version as it was printed, newest first.
- Mar 4, 2010Referred in Senate
- Mar 3, 2010Engrossed in House
- May 21, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
