A record-setting transactional year for a broker association has highlighted the need for the newly created National Association of Registered Agents and Brokers.
In its 2014 annual report, the National Insurance Producer Registry reported a significant increase in broker-related transactions in 2014—up 35 percent over the previous five years, the group said. It processed a total of 22 million transactions and database inquiries last year.
"In 2014, NIPR implemented 96 new licensing initiatives, working with 27 different jurisdictions. The largest single project involved a joint effort between the National Association of Insurance Commissioners and NIPR with Arkansas to implement 22 new NIPR products and enhancements while converting to State Based Systems for producer licensing," NIRa said in a release announcing the availability of the annual report.
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The pace of business, the organization said, underscores the importance of NARAB, which finally came to life in January after several years of failed legislative efforts.
NARAB is designed to serve as at least a partial solution to state-line barriers that have long existed in the broker industry that restrict agents from working beyond the state in which they are licensed. NARAB would enable them to conduct business more broadly within certain parameters set by NARAB.
As NARAB rolls out, experts say it will become increasingly clear how well it will serve to open up brokerage business to regional and national clients. NIPR has indicated it has a strong interest in working with NARAB to open the way for greater broker-client access.
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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.
