Industry group urges Federal Insurance Office to appoint initial NARAB Board
A group representing wholesale insurance agents and brokers is urging the Federal Insurance Office to appoint members to the board of the National Association of Registered Agents and Brokers (NARAB).
The request comes over 7 months after the law was enacted, seeking to establish a national registration board for insurance agents and brokers.
In the letter signed by Bernd G. Heinze, Executive Director of the American Association of Managing General Agents (AAMGA), the Federal Insurance Office is urged to move forward in selecting and appointing the NARAB Board so that the remaining provisions of the law can be implemented. Mr. Heinze notes that the benefits of NARAB “are not able to be realized until such time as a board is appointed.” The National Association of Insurance Commissioners (NAIC) submitted its list of 14 nominees for the board in April.
The law requires the President to appoint the initial board members no later than 90 days from enactment. With President Obama having signed the bill into law on January 12, 2015, this requirement is now long overdue.
The full text of the letter can be found here.
Source: American Association of Managing General Agents, 8/17/2015
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