Jon Tester: “I thank Chairman Johnson and Ranking Member Crapo and Senators Schumer and Heller for their hard work on helping me on…”

“I thank Chairman Johnson and Ranking Member Crapo and Senators Schumer and Heller for their hard work on helping me on the TRIA bill and for helping me on this amendment, as well as Senator Schumer and Senator Heller for their hard work not only on the TRIA legislation but also on the NARAB amendment, which I am going to talk about in a moment. I also wish to give a special thank-you to Senator Johanns, who is a cosponsor on this amendment and somebody with whom I have worked very closely to get this amendment to the point it is today. The Tester-Johanns amendment is the National Association of Registered Agents and Brokers Act, otherwise known as NARAB. NARAB is a bill Senator Johanns and I introduced last year. It was reported out of the Banking, Housing, and Urban Affairs Committee on a voice vote. Our amendment creates a nonprofit association to provide one-stop licensing for insurance agents and brokers operating outside of their home State. This arrangement would fully preserve the authority of 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 and seek approval from each State's insurance commissioner. This process is time consuming, it is costly, it is redundant, and it is sometimes contradictory--without providing any greater consumer protection. That is a big disincentive for smaller agents and brokers to grow their businesses.…”