September 15, 2016

Insurance commissioners to discuss NARAB's impact during 2016 Director's Regulatory Summit

Jefferson City, Mo - The Missouri Department of Insurance announced today that the 2016 Director's Regulatory Summit will feature a panel discussion about the National Association of Registered Agents and Brokers Reform Act of 2015 (NARAB II) on Oct. 13, 2016 as part of the keynote lunch session.

NARAB II requires the establishment of a national clearinghouse to streamline market access for nonresident insurance producers. Its establishment is a significant step to help simplify insurance producer licensing in the United States. 

"It is most fitting to have a national dialogue about NARAB II in Kansas City, home to the National Association of Insurance Commissioners (NAIC) and the National Insurance Producer Registry (NIPR)," said Missouri Department of Insurance Director and NAIC President John M. Huff. "Attendees will hear directly from presidential nominees about how NARAB II could create efficiencies in producer licensing by expanding access to nonresident insurance markets while preserving state regulatory authority and consumer protections."

NARAB II does not create a federal regulator or federal agency but rather establishes an independent non-profit corporation, known as NARAB, controlled by a Board of Directors.

President Obama previously announced his intent to nominate Huff, Colorado Insurance Commissioner Marguerite Salazar, South Carolina Department of Insurance Director Ray Farmer, Minnesota Department of Commerce Commissioner Mike Rothman and Alaska Division of Insurance Director Lori Wing-Heier as insurance commissioner members of the NARAB Board.  

Industry nominees include Heather Steinmiller, Senior Vice President and General Counsel for Conner Strong & Buckelew, Susan Louise Castaneda, Assistant Vice President and Compliance Officer for Operations, Technology and Data for The Hartford, Tom McLeary, President of Endow Inc., Angela Ripley, President of VW Brown Insurance Service, and Robert Suglia, Senior Vice President and General Counsel of Amica Mutual Insurance Company. 

This NARAB II plenary session will also serve as the kick off for the Summit's Half-Day Producer Track.  Producers can learn about how NARAB II will impact their profession while getting continuing education credits for both Kansas and Missouri for just $59 during the Half-Day Producer Track.

Additionally, Summit attendees will also hear from President and Chief Executive of the Federal Reserve Bank of Kansas City, Esther George, who will share her perspective on the economy during an afternoon plenary session of the Summit. 

To learn more about the Summit and to register visit insurance.mo.gov/summit

About the Missouri Department of Insurance, Financial Institutions & Professional Registration

The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.

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