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Senate Banking Subcommittee holds insurance regulation hearing

Legislation creates federal entity for multistate insurance sales
Monday, April 1, 2013 - 08:26
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The U.S. Senate Banking Subcommittee on Securities, Insurance and Investment held a hearing recently titled “Streamlining Regulation, Improving Consumer Protection and Increasing Competition in Insurance Markets.”

Witnesses present at the hearing included:

 •  The Hon. Monica J. Lindeen, commissioner of securities and insurance and the Montana state auditor on behalf of the National Association of Insurance Commissioners (NAIC),

•  Jon A. Jensen, president of Correll Insurance Group and chairman of the Government Affairs Committee of the Independent Insurance Agents and Brokers of America (IIABA),

•  Scott Trofholz, president and CEO of the Harry A. Koch Co. of Omaha, Neb., on behalf of the Council of Insurance Agents and Brokers, and

 •  Baird Webel, a specialist in financial economics with the Congressional Research Service.

All of the association witnesses spoke primarily about the recently proposed National Association of Registered Agents & Brokers Act (NARAB II); Senate Bill 534, which aims to simplify multistate insurance licensing; and the changes it would implement. The Congressional Research Service noted that similar to legislation offered in the previous Congress, S. 534 would create “a nonprofit, private body whose members would be required to be state-licensed insurance producers, but who would also be able to operate across states without having licenses from the individual states.”

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