H.R. 1155
National Association of Registered Agents and Brokers Reform Act of 2013
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 182.
Sponsor
Rep. Neugebauer, Randy [R-TX-19]
Bill Details
- Update Date
- Jan 11, 2023
- Origin Chamber
- House
- Bill Type
- HR
- Bill Number
- 1,155
- Congress
- 113
- Introduced Date
- Mar 14, 2013
- Policy Area
- Finance and Financial Sector
- Is Law
- No
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 182.
Source: Senate
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 6 (Roll no. 450). (text: CR H5443-5447)
Source: House floor actions
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 6 (Roll no. 450).(text: CR H5443-5447)
Source: Library of Congress
Considered as unfinished business. (consideration: CR H5455-5456)
Source: House floor actions
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Source: House floor actions
DEBATE - The House proceeded with forty minutes of debate on H.R. 1155.
Source: House floor actions
Considered under suspension of the rules. (consideration: CR H5443-5449)
Source: House floor actions
Mr. Neugebauer moved to suspend the rules and pass the bill, as amended.
Source: House floor actions
Referred to the House Committee on Financial Services.
Source: House floor actions
Introduced in House
Source: Library of Congress
Introduced in House
Source: Library of Congress
National Association of Registered Agents and Brokers Reform Act of 2013 - Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Establishes the NARAB without contingent conditions as an independent nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions.
Requires the NARAB, without affecting state regulatory authority, to provide a mechanism for the adoption and multi-state application of requirements and conditions pertaining to: (1) licensing, continuing education, and other qualifications of non-NARAB insurance producers; (2) resident or nonresident insurance producer appointments; (3) supervision and disciplining of such producers; and (4) the setting of licensing fees for insurance producers.
Makes any state-licensed insurance producer eligible to join the NARAB, except during a period of license suspension or revocation. Requires an individual insurance producer to undergo a criminal history record check by the Federal Bureau of Investigation (FBI). Requires the NARAB to submit to the FBI identification information obtained from the insurance producer, upon producer request, as well as a request of its own for the criminal history record check.
Authorizes the NARAB to: (1) establish membership criteria; and (2) deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained, or where the producer has been subject to certain disciplinary action.
Prohibits the NARAB from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of NARAB.
Authorizes the NARAB to establish separate classes of membership and membership criteria, and requires it to do so for business entities.
Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria.
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.
Makes NARAB membership equivalent to a nonresident insurance producer license for specified purposes.
Retains state regulatory jurisdiction regarding consumer protection and market conduct.
Directs the NARAB to establish, as a condition of membership, continuing education requirements comparable to those under the licensing laws of a majority of the states.
Requires the NARAB to receive and refer any consumer complaints to state insurance regulators.
Requires the NARAB to maintain a toll-free number and, as practicable, other alternative means of communication with consumers, such as an Internet webpage.
Authorizes the NARAB to establish: (1) a central clearinghouse through which NARAB members may disclose their intent to operate in one or more states and pay their licensing fees; and (2) a database for the collection of regulatory information concerning the activities of insurance producers.
Establishes the NARAB board of directors, whose membership shall include state insurance commissioners. Sets forth terms and procedures for appointment of members by the President. Authorizes reappointment to successive terms. Prohibits compensation on account of Board membership.
Declares that the NARAB shall not be deemed to be an insurer or insurance producer within the meaning of any state law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance.
Sets forth procedures for presidential oversight of the NARAB, including removal of the entire existing Board.
Requires the NARAB to coordinate with the Financial Industry Regulatory Authority (FINRA) in order to ease any administrative burdens that fall on NARAB members subject to FINRA regulation.
National Association of Registered Agents and Brokers Reform Act of 2013 - (Sec. 2) Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Establishes the NARAB without contingent conditions as an independent nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions.
Prohibits the NARAB from merging with or into any other private or public entity.
Requires the NARAB, without affecting state regulatory authority, to provide a mechanism for the adoption and multi-state application of requirements and conditions pertaining to: (1) licensing, continuing education, and other qualifications of non-NARAB insurance producers; (2) resident or nonresident insurance producer appointments; (3) supervision and disciplining of such producers; and (4) the setting of licensing fees for insurance producers.
Makes any state-licensed insurance producer eligible to join the NARAB, except during a period of license suspension or revocation. Requires an individual insurance producer to undergo a criminal history record check by the Federal Bureau of Investigation (FBI). Requires the NARAB to submit to the FBI identification information obtained from the insurance producer, upon producer request, as well as a request of its own for the criminal history record check.
Authorizes the NARAB to: (1) establish membership criteria; and (2) deny membership to an individual state-licensed insurance producer on the basis of the criminal history information obtained, or where the producer has been subject to certain disciplinary action.
Prescribes procedures governing a criminal history record check, including the rights of applicants denied membership.
Authorizes the NARAB to establish membership criteria, including separate classes of membership and membership criteria for business entities; but prohibits it from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of NARAB, including discriminatory membership fees.
Authorizes the NARAB to establish separate categories of membership for insurance producers and for other persons or entities within each class, based on the types of licensing categories that exist under state laws.
Prohibits the NARAB from establishing special categories of membership, including distinct membership criteria for members that are depository institutions or for their employees, agents, or affiliates.
Prohibits the NARAB from adopting any qualification less protective to the public than that contained in the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act.
Prescribes procedures for authorized information sharing pursuant to a request by a licensed insurance producer.
Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria.
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.
Makes NARAB membership equivalent to a nonresident insurance producer license for specified purposes.
Empowers the NARAB to act as agent for any member for the purpose of remitting licensing fees to a state.
Requires the NARAB to disclose to states, including state insurance regulators and the NAIC, on an ongoing basis, a list of the states in which each member is authorized to operate.
Retains state regulatory jurisdiction regarding: (1) consumer protection and market conduct, and (2) state disciplinary authority.
Requires the NARAB to establish, as a condition of membership, continuing education requirements comparable to the continuing education requirements under the licensing laws of a majority of the states.
Prohibits the NARAB from offering continuing education courses for insurance producers.
Grants the NARAB disciplinary enforcement powers.
Requires the NARAB to: (1) receive and investigate consumer complaints, and to maintain a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator. Prescribes information- sharing procedures and limitations with the NAIC or governmental entities.
Authorizes the NARAB to establish: (1) a central clearinghouse, or utilize NAIC as a central clearinghouse through which NARAB members may disclose their intent to operate in one or more states; and (2) a national database for the collection of regulatory information concerning the activities of insurance producers.
Establishes the NARAB board of directors, whose membership shall include state insurance commissioners. Sets forth terms and procedures for appointment of members by the President. Authorizes reappointment to successive terms. Prohibits compensation on account of Board membership.
Declares that the NARAB shall not be deemed to be an insurer or insurance producer within the meaning of any state law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance.
Sets forth procedures for presidential oversight of the NARAB, including removal of the entire existing Board.
Sets forth a limited preemption of state laws purporting to regulate insurance producers.
Directs the NARAB to coordinate with the Financial Industry Regulatory Authority (FINRA) in order to ease administrative burdens that fall on NARAB members subject to regulation by FINRA.
Authorizes any person aggrieved by a NARAB decision or action to commence a civil action in an appropriate federal district court.
Prohibits federal funding of the NARAB.
Financial Services Committee