CIAB VOICES CONCERN

The chairman of The Council of Insurance Agents and Brokers said much work needs to be done to stop state legislatures from dragging their heels in passing insurance agent/broker licensing reforms. In testimony to the Senate Subcommittee on Securities, Robert Gleason called on Congress to help the licensing reform process by giving states access to a federal database to perform criminal background checks. He told the subcommittee he is concerned that some state legislatures will not move quickly to adopt the National Association of Insurance Commissioner’s Producer Licensing Model Act, providing full licensing reciprocity for out-of-state agents and brokers. Reciprocity in agent/broker licensing is required under the National Association of Registered Agents and Brokers provision of the Gramm-Leach-Bliley Act passed last year.