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Today, Congressman Loudermilk sent a bipartisan and bicameral letter to the President regarding nominations to the Board of Directors of the National Association of Registered Agents and Brokers (NARAB).

The NARAB Reform Act (NARAB II) was enacted in January 2015 to establish NARAB, which will provide a national, standardized process for insurance agents and brokers to obtain eligibility to do business outside of their home states. NARAB II also established the NARAB Board of Directors, to consist of thirteen members appointed by the President with the advice and consent of the Senate, and tasked it with governing and supervising the activities of NARAB. However, more than four years after it was established, NARAB is still not operational because its Board of Directors, which must be nominated by the President and confirmed by the Senate, hast yet to be appointed.

The letter requests that the President move forward with the NARAB nomination process as soon as possible so NARAB can finally become operational. Congressman Denny Heck (D-WA) was the lead House Democrat while Senator Jon Tester (D-MT) was the Senate lead on the letter. The letter was signed by 62 Republican and Democrat Members of the House and Senate, including Senate Banking Committee Chairman Mike Crapo (R-ID), Ranking Member Sherrod Brown (D-OH), and House Financial Services Committee Ranking Member Patrick McHenry (R-NC). Additionally, every Republican on the Financial Services Committee signed the letter.

Read the letter.