Capitol Hill sources are still holding their breath a bit on this one, but a growing consensus of insurance lobbyists and analysts believe the National Association of Registered Agents and Brokers (NARAB) is about to become reality.
The movement to create the property/casualty association began two decades ago. The idea was to make it easier to monitor and oversee the industry while at the same time loosening some regulations that were no longer relevant to today's marketplace, e.g., agent and client must live in the same state to do business together.
Attempts to piggyback a bill creating the association onto larger pieces of legislation hadn't worked out in the past. But now, with both House and Senate NARAB advocates having included it in the reauthorization of the Terrorism Risk Insurance Act of 2002, supporters may be even more than cautiously optimistic that NARAB's birth is imminent.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
