National Association of Registered Agents and Brokers (NARAB)

The National Association of Registered Agents and Brokers (NARAB) was enacted as part of the Terrorism Risk Insurance Program Reauthorization Act of 2015 but has not yet become operational. WSIA strongly supported the creation of NARAB and advocated for its passage with Congress because it will streamline agent and broker licensing for those operating on a multi-state basis. It creates a nonprofit board governed by a panel of state insurance regulators and industry representatives to create rigorous standards and ethical requirements with a goal of applying licensing, continuing education and nonresident insurance producer standards on a multi-state basis. With a focus on nonresident licensing, agents or brokers applying for a national license through NARAB will first be required to hold a current license in their home state, pass a national criminal background check and meet the criteria established by the Board, which shall include standards for personal qualifications, educational training and professional experience. 

The underlying NARAB legislation directed the President, with the advice and consent of the U.S. Senate, to appoint the 13 Board members (8 regulators and 5 industry members) 90 days from January 12, 2015. Unfortunately, the NARAB Board of Directors has yet to be appointed thereby delaying implementation of an operational board. Former President Obama issued 10 nominations but none of the nominees received hearings by the Senate and died with the expiration. New nominees will be sent to the Senate from the White House in the future. Industry remains dedicated to NARAB and is hopeful that the President will take quick action to nominate board members in the near term.

Once a quorum of the board is approved, it will first establish rules, requirements and procedures for membership, as well as a national licensing clearinghouse. For additional information about NARAB, visit WSIA's NARAB FAQ resource. 

NARAB Comment Letters

April 11, 2019 - Letter to the President regarding NARAB Nominees
November 27, 2018 - NARAB Joint Trades Appointment Letter