National Association of Registered Agents and Brokers Reform Act of 2010

Summary

National Association of Registered Agents and Brokers Reform Act of 2009 - Amends the Gramm-Leach-Bliley Act to reestablish the National Association of Registered Agents and Brokers (NARAB) as a nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions. Retains states' regulatory authority over: (1) licensing, supervision, disciplining, and setting of licensing fees for insurance producers; and (2) insurance-related consumer protection and unfair trade practices. Authorizes NARAB to: (1) establish membership criteria, including a mandatory criminal background check for state-licensed insurance producers; and (2) deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained. Grants NARAB enforcement powers, including denial of 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. Retains state regulatory jurisdiction regarding consumer protection and market conduct. Requires NARAB to establish an office of consumer complaints, including a toll-free telephone number. Authorizes NARAB to coordinate with state insurance regulators to: (1) establish a central clearinghouse; and (2) establish a national database for the collection of regulatory information concerning the activities of insurance producers.

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Documents

8 official files

• Referred in Senate (text)

  Referred in Senate · EN · 4 March 2010

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• Referred in Senate (PDF)

  Referred in Senate · EN · 4 March 2010

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• Engrossed in House (text)

  Engrossed in House · EN · 3 March 2010

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• Engrossed in House (PDF)

  Engrossed in House · EN · 3 March 2010

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• Passed House amended

  summary · EN · 3 March 2010

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• Introduced in House (text)

  Introduced in House · EN · 21 May 2009

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• Introduced in House (PDF)

  Introduced in House · EN · 21 May 2009

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• Introduced in House

  summary · EN · 21 May 2009

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