S. 2342: National Association of Registered Agents and Brokers Reform Act of 2012

112th Congress · introduced 2012-04-24 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2012-04-24 · official record
Who proposed it: Sen. Tester, Jon [D-MT] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

National Association of Registered Agents and Brokers Reform Act of 2012

Plain summary

National Association of Registered Agents and Brokers Reform Act of 2012 - Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Reestablishes the NARAB without contingent conditions as a nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions. Retains states' regulatory authority over: (1) licensing, continuing education, and other qualification requirements of non-NARAB producers; (2) resident or nonresident producer appointment requirements; (3) supervision and disciplining of such producers; and (4) setting of licensing fees for insurance producers. Authorizes NARAB to: (1) establish membership criteria, including a mandatory criminal background check of the producer's Federal Bureau of Investigation (FBI) identification record for state-licensed insurance producers, and (2) deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained, or where the producer has been subject to certain disciplinary action. Prohibits NARAB from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of NARAB. Authorizes the NARAB to establish separate classes of membership and membership criteria, and requires it to do so for business entities. Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria. States that NARAB membership authorizes an insurance producer to engage in the business of insurance in any state for any lines of insurance specified in the producer's home state license, including claims adjustments and settlement, risk management, and specified insurance-related consulting activities. Retains state regulatory jurisdiction regarding: (1) consumer protection and market conduct, and (2) state disciplinary authority. Requires NARAB to: (1) receive and investigate consumer complaints, maintaining a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator. Authorizes the NARAB to coordinate with state insurance regulators to establish: (1) a central clearinghouse, and (2) a national database for the collection of regulatory information concerning the activities of insurance producers.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

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What does this mean? (plain words)

Official text

National Association of Registered Agents and Brokers Reform Act of 2012

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Tester, Jon [D-MT] · 9 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Mike Crapo (R-ID), Roger F. Wicker (R-MS), Michael F. Bennet (D-CO), Mark R. Warner (D-VA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Jurisdiction: The area or the matters a government or court has authority over.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112s2342.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/s>

Record fed-us-cong112-s2342 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112