The statutory creation of the National Association of Registered Agents and Brokers (NARAB) was included in the 2015 law reauthorizing the terrorism risk insurance program (the Terrorism Risk Insurance Program Reauthorization Act of 2015, which became P.L. 114-1). (More recently, you may remember that the terrorism risk insurance program was reauthorized again in December of 2019 as part of the year-end funding package).

The Terrorism Risk Insurance Program Reauthorization Act of 2015 contained a provision reauthorizing the creation of the National Association of Registered Agents and Brokers (NARAB)—an independent, non-governmental, non-profit membership organization through which non-resident producer licensing requirements could be adopted and applied on a multi-state basis. Once created, NARAB would facilitate agent and broker licensing reciprocity among states without creating a new federal insurance bureaucracy. NARAB is expected to make the multi-state licensing process easier for agents, without undermining state insurance regulation

That said, NARAB cannot begin to function without a board of directors, which requires, according to the statute, the naming of 13 board members by the White House. Each board member is subject to Senate confirmation. Without the creation of its board, NARAB cannot begin operations.

In 2020, PIA National is continuing its efforts to push lawmakers to take the steps necessary to implement NARAB.