The Republican lawsuit targets reinsurance that helps insurance companies provide universal coverage without accounting for pre-existing conditions.
The House Financial Services Committee marked up the Terrorism Risk Insurance Act (TRIA Reform Act) including an amendment that would create a National Association of Registered Agents and Brokers (NARAB). NARAB would be a national licensing organization to allow insurance agents to operate in multiple states more efficiently. The action was praised by the National Association of Insurance and Financial Advisors (NAIFA).
"NAIFA applauds Chairman Neugebauer's authorship of NARAB II as an amendment to the TRIA Reform Act," said NAIFA President John Nichols. "The facilitation of interstate agent and broker nonresident licensure is a win for insurance agents and brokers, but more importantly it’s a win for consumers. Relationships forged between agents and their clients are important and often last for decades. These relationships are built on trust, consumer confidence, and superior service. They shouldn’t have to end simply because a client moves to a different state."
The bill next goes to the full House of Representatives for consideration.