The U.S. House of Representatives on Wednesday passed legislation that aims to make it easier for benefit brokers and agents to sell insurance across state lines.
In a 417-7 vote, the House passed the Terrorism Risk Insurance Program Reauthorization Act of 2014, S. 2244, an amended version of a measure passed by the Senate earlier this year that would extend the terrorism insurance program. Attached to the bill is legislation (NARAB II) that would create a National Association of Registered Agents and Brokers, a federal clearinghouse that would cut through the red tape of state-by-state broker and agent licensing, streamline the licensing process and allow for brokers to sell insurance in states across the U.S.
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