CapitolNotes 
The Legislative and Political Newsletter of the 
MN Independent Insurance Agents & Brokers Association

December 12, 2014
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GRASSROOTS ALERT:

Urge Your Senators to Vote for the House Passed Version of TRIA & NARAB II


 

Grassroots Action Needed: Using the talking points below please call both of your U.S. Senators and urge them to vote for the House passed version of S. 2244, which includes BOTH TRIA and NARAB II agent licensing reform. This legislation passed the House of Representatives on Wednesday by an overwhelming vote of 417-7, but is at risk of not becoming law if the Senate adjourns and leaves town for the year without acting.  YOUR IMMEDIATE ACTION IS CRUCIAL.


 

            Senator Franken (D-MN)                  (202) 224-5641

            Senator Klobuchar (D-MN)               (202) 224-3244          

 

Talking Points

 

1) As an independent insurance agent and resident of (your state) I strongly urge the Senator to support swift passage of the House passed version of S. 2244 without any changes before the Senate adjourns for the year.


 

2) This legislation includes BOTH an extension of the Terrorism Risk Insurance Act as well as creates the National Association of Registered Agents & Brokers to streamline insurance agent licensing.


 

TRIA Background

The Terrorism Risk Insurance Act (TRIA) was passed on Nov. 26, 2002 in response to the Sept. 11, 2001 attacks and the ensuing inability of the commercial property-casualty insurance market to underwrite the risk associated with such massive and unpredictable acts of violence. Since its inception, the TRIA program has undergone two previous reauthorizations and is currently due to expire on Dec. 31, 2014.


 

NARAB Background

NARAB would provide voluntary, non-resident insurance agent and broker licensing reform while preserving the rights of states to supervise and discipline agents and brokers. The legislation would apply to marketplace entry only; agents and brokers would also have to adhere to each state's laws and preserves state insurance regulation. The mechanism would be simple: once an agent or broker was licensed in good standing in their home state, they could choose to apply to NARAB for membership in the association for non-resident agent and agency licensing. If that agent/broker met the NARAB membership criteria, they would be permitted to operate in any other state. While the agent/broker would still have to pay fees in each state, NARAB would seamlessly and efficiently reduce the administrative burden on agents and brokers operating in multiple states while also increasing competition for consumers.  


MIIAB
15490 101st Ave N. Suite 100
Maple GroveMinnesota 55369
P: 763-235-6460   F:  763-235-6461
 

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