President Obama recently announced his intent to nominate Missouri Department of Insurance Director John M. Huff as one of the members of the Board of Directors of the newly formed National Association of Registered Agents and Brokers (NARAB).
"These fine public servants bring a depth of experience and tremendous dedication to their important roles. I look forward to working with them," the president said in a press release.
In total, the NARAB board will consist of 13 members. This count comprises eight state insurance commissioners and five insurance industry representatives.
The NARAB’s goal is to create a universal and standardized licensing platform for insurance agents and brokers looking to operate across different states.
At present, agents and brokers who are doing business in multiple states must complete separate applications, pay multiple licensing fees and meet different continuing education requirements in each state they are active in.
"I am honored by President Obama's announcement and look forward to serving on NARAB's Board of Directors," Huff said in a release published by the Missouri Insurance Department. "It is imperative that we leverage technology and cut burdensome red tape to reduce regulatory costs so that insurance agents and brokers can continue to effectively serve consumers."
Although the NARAB will implement national standards for nonresident licensing, agents and brokers are still responsible for resident licensure under their home state’s insurance regulations.
Huff assumed his role as director of the Missouri Department of Insurance, Financial Institutions and Professional Registration in 2009. He is also the current president of the National Association of Insurance Commissioners (NAIC).
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