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FOR IMMEDIATE RELEASE

NAIC TESTIFIES BEFORE CONGRESS IN
      SUPPORT OF STREAMLINED PRODUCER
    LICENSING LEGISLATION  

WASHINGTON, D.C. (March 19, 2013) — Monica J. Lindeen, National Association of Insurance Commissioners (NAIC) Vice President and Montana Insurance Commissioner, testified today in support of a proposal to streamline insurance producer licensing. The hearing, held by a Senate Committee on Banking, Housing, and Urban Affairs Subcommittee, was titled Streamlining Regulation, Improving Consumer Protection and Increasing Competition in Insurance Markets.

“Insurance producers play a very important consumer resource role in the U.S. insurance system. As the regulators of more than 6.8 million individuals and business entities licensed to provide insurance services in the United States, NAIC members recognize that streamlined non-resident producer licensing is an important goal,” stated Lindeen.

Lindeen’s testimony outlined a number of key components of the legislation and indicated that the current bill, commonly called NARAB II, is an improvement over earlier versions.
   
“These provisions preserve state regulatory authority to police insurance markets and protect consumers while streamlining a process for producers – this is why we support the bill,” Lindeen said.

Legislation before Congress would create a non-profit entity to streamline non-resident market access for insurance agents and producers while ensuring that producers remain subject to the full range of state market conduct authorities to police bad actors through the creation of a National Association of Registered Agents and Brokers (NARAB). The bill is intended to preserve state-based insurance regulation and consumer protections—it does not create a federal regulator for insurance and the states would retain their regulatory authority over consumer protection, market conduct and unfair trade practices.

The leadership of the NAIC sent a letter to Congress earlier this month in support of the legislation. Read the full letter HERE.

Click HERE for full text of the submitted testimony.

Click HERE for more information on producer licensing.

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About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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