It's been nine-and-a-half years since the National Association of Registered Agents & Brokers (NARAB) Reform Act was enacted, yet the NARAB Board of Directors has still not been established. The Obama administration submitted nominees but the Senate Banking Committee failed to act on the nominations. Since then, the Trump and Biden administrations have not submitted nominations to the Senate for approval.

NAIFA took a lead advocacy role shaping and promoting the NARAB legislation, which is designed to streamline and standardize the process for insurance agents and brokers seeking licenses to do business in multiple states. Now, NAIFA has joined several other industry associations in urging the Biden administration to submit nominations to the U.S. Senate to establish the NARAB Board without delay.

"It is well past time for the administration to act on creating the NARAB Board," said NAIFA CEO Kevin Mayeux, CAE. "A streamlined process for agents and brokers licensed in multiple states will not only benefit financial professionals but also the consumers they serve. A more efficient system will reduce costs for everyone. We just need the administration and the Senate to get the process in motion."

Establishing the NARAB Board "will single-handedly reduce compliance costs, promote consumer choice, and foster economic growth, all while continuing to preserve the state-based system of insurance regulation," NAIFA and the other groups wrote in a letter to President Biden.