On July 9, 2008, the U.S. House Committee on Financial
Services, Subcommittee on Capital Markets, Insurance, and
Government Sponsored Enterprises (Subcommittee) approved H.B.
5611, the National Association of Registered Agents and Brokers
Reform Act of 2008 (Act).
Dubbed "NARAB II," the Act revives plans to
establish a national producer licensing organization. More
specifically, the Act calls for the creation of a private,
self-regulatory, non-profit entity — the National
Association of Registered Agents and Brokers (NARAB)
— led by a board comprising six state insurance
regulators and five marketplace representatives. NARAB would
oversee non-resident producer licensing nationwide, effectively
creating a one-stop shop for licensed insurance agents and
brokers who wish to sell insurance outside of their resident
states. (A detailed summary of the Act can be found at
