Bill also includes agent licensing legislation known as NARAB II
The following statement was issued by NAIFA President Juli Y. McNeely, LUTCF, CFP, CLU
“NAIFA applauds the House of Representatives for overwhelmingly passing S. 2244, the Terrorism Risk Insurance Program Reauthorization Act (TRIA), which contains the legislative text of NARAB II. A Senate vote is now imminent.
“Passage of House Amendment to S. 2244, which would extend the Terrorism Risk Insurance Act for six years, has cost taxpayers nothing in loss payments and has provided for the availability of private terrorism insurance while keeping our economy protected.
“The bill also includes legislation known as the National Association of Registered Agents and Brokers (NARAB II). NARAB II is a top priority for NAIFA, as it will achieve much-needed reciprocity in producer licensing and help policyholders by permitting greater competition among agents and brokers. The legislation benefits consumers as well by allowing them to maintain their preferred insurance agent or broker should they move to or from our state.
“With the current federal terrorism insurance backstop set to expire in a matter of days, this legislation is crucial to businesses and our nation’s economic security. Importantly, insurance agents and brokers have been waiting for years to bring meaningful reciprocity, like NARAB II, to the agent licensing process. We urge the Senate to vote for the House amended version of S. 2244.”