National Association of Registered Agents and Brokers Reform Act of 2013

openUnited States· United States Congress· EN

Introduced

12 March 2013

Last action

29 July 2013 · Reported

Status

Placed on Senate Legislative Calendar under General Orders. Calendar No. 151.

Summary

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 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 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 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 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 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. 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 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. Requires the President, by and with the consent of the Senate, to appoint the 13 members of the NARAB Board of Directors from among current or former state insurance commissioners. 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.

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Timeline

12 March 2013
Introduced
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: IntroReferral
12 March 2013
Introduced
Introduced in Senate
Source: IntroReferral
19 March 2013
Committee
Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. With printed Hearing: S.Hrg. 113-21.
Source: Committee
6 June 2013
Reported
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Source: Committee
29 July 2013
Calendars
Placed on Senate Legislative Calendar under General Orders. Calendar No. 151.
Source: Calendars
29 July 2013
Reported
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Johnson SD, with an amendment in the nature of a substitute. With written report No. 113-82.
Source: Committee
29 July 2013
Reported
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Johnson SD, with an amendment in the nature of a substitute. With written report No. 113-82.
Source: Committee

Votes

No vote records are attached yet.

Versions

Reported to Senate · 29 July 2013 · Official file
Introduced in Senate · 12 March 2013 · Official file

Documents

6 official files

Reported to Senate (text)
Reported to Senate · EN · 29 July 2013
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Reported to Senate (PDF)
Reported to Senate · EN · 29 July 2013
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Reported to Senate with amendment(s)
summary · EN · 29 July 2013
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Introduced in Senate (text)
Introduced in Senate · EN · 12 March 2013
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Introduced in Senate (PDF)
Introduced in Senate · EN · 12 March 2013
View Download Open at official source
Introduced in Senate
summary · EN · 12 March 2013
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Related records

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/113th-congress/senate-bill/534
Open data entity: https://api.congress.gov/v3/bill/113/s/534
us · 113-s-534 · source updated 5 December 2025