NAIFA Statement on TRIA, NARAB II

The National Association of Insurance and Financial Advisors is disappointed the Senate did not pass S.2244, the Terrorism Risk Insurance Program Reauthorization Act (TRIA), which included legislation that would have created a National Association of Registered Agents and Brokers (NARAB). NARAB II would have allowed insurance agents to operate in multiple states more efficiently.
 
“NAIFA has worked hard to educate Congress about the potential benefits NARAB II would have offered to agents, brokers and consumers,” said NAIFA President Juli Y. McNeely. “NAIFA members are often small business owners who serve the middle market. NARAB II would eliminate much of the red tape they experience when they are licensed in multiple states. The goal of NARAB is to improve the marketplace and make it more efficient. That is a good thing for agents and the consumers they serve, because the agent-client relationships are built on trust, consumer confidence, and superior service. They should not have to end if a client moves to a different state.
 
“NAIFA members represent the interests of insurance professionals from every Congressional district in the United States. Our grassroots efforts helped lawmakers understand our business and how our members serve their clients. That education will continue, and we anticipate a positive outcome for NARAB II next Congress."