Jon Tester: “I come to the floor to speak against the Coburn amendment. I know the good Senator from Oklahoma hasn't brought up this…”

“I come to the floor to speak against the Coburn amendment. I know the good Senator from Oklahoma hasn't brought up this amendment yet, but this is the time I have available to speak about it. If he doesn't bring it up, God bless him, but if he does bring it up, hopefully these comments will be able to impact some of the Members of this body. Before I talk about the Coburn amendment, I thank Senators Menendez, Landrieu, and Isakson for including legislation that is very important to Senator Johanns and me in this important flood insurance bill. Title II of the underlying bill is actually the National Association of Registered Agents and Brokers Reform Act or, as I refer to it, NARAB. NARAB is legislation Senator Johanns and I introduced last year. It creates a nonprofit association to provide one-stop licensing for insurance agents and brokers operating outside of their home States, while also fully preserving the authority of the State insurance regulators to supervise these markets. Currently, an insurance agent or broker seeking to operate in multiple States must meet different State-specific licensing requirements for each State and seek approval for each State's jurisdiction. This process can be time-consuming, costly, redundant, and sometimes contradictory--without providing any greater consumer protection. That is a big disincentive for agents and brokers who try to grow their business. This is not a new issue for the insurance industry.…”