H.R.5611 - National Association of Registered Agents and Brokers Reform Act of 2008110th Congress (2007-2008)
|Sponsor:||Rep. Scott, David [D-GA-13] (Introduced 03/13/2008)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||10/02/2008 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.5611 — 110th Congress (2007-2008)All Bill Information (Except Text)
Passed House amended (09/17/2008)
National Association of Registered Agents and Brokers Reform Act of 2008 - Amends the Gramm-Leach-Bliley Act to reestablish the National Association of Registered Agents and Brokers as a nonprofit corporation whose purpose is to provide a mechanism through which licensing, continuing education, and other insurance producer qualification requirements and conditions can be adopted and applied on a multi-state basis, while preserving the right of states to: (1) license, supervise, and discipline insurance producers; and (2) prescribe and enforce laws and regulations regarding insurance-related consumer protection and unfair trade practices.
Sets forth membership requirements, including a mandatory criminal background check applicable to state-licensed insurance producers. Sets limits upon permissible uses of such criminal background information, and imposes a criminal penalty for improper use.
Requires the Association, in establishing membership criteria, to consider the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act and the highest levels of insurance producer qualifications established under state licensing laws.
Authorizes the Association to deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained.
Establishes classes and categories of membership. Declares that membership authorizes an insurance producer to sell, solicit, negotiate, effect, procure, deliver, renew, continue, or bind insurance in any state for any line or lines of insurance specified in such producer's home state license, and exercise all such incidental powers, including claims adjustments and settlement, risk management, employee benefits advice, retirement planning, and any other insurance-related consulting activities.
Authorizes the Association to deny membership to any state-licensed insurance producer for failure to meet membership criteria established by the Association.
Preserves state consumer protection and market conduct regulation powers. Grants the Association membership probation, suspension and revocation powers.
Requires the Association to establish an office of consumer complaints, including a toll-free telephone number.
Creates a Board of Directors to govern and supervise the Association and its members.
Preempts specified state actions.
Permits judicial review over litigation involving the Association.