Detailed Summary

National Association of Registered Agents and Brokers Reform Act of 2008 - Amends the Gramm-Leach-Bliley Act to reestablish the National Association of Registered Agents and Brokers as a nonprofit corporation whose purpose is to provide a mechanism through which licensing, continuing education, and other insurance producer qualification requirements and conditions can be adopted and applied on a multi-state basis, while preserving the right of states to: (1) license, supervise, and discipline insurance producers; and (2) prescribe and enforce laws and regulations regarding insurance-related consumer protection and unfair trade practices.

Sets forth membership requirements, including a mandatory criminal background check applicable to state-licensed insurance producers. Sets limits upon permissible uses of such criminal background information, and imposes a criminal penalty for improper use.

Authorizes the Association to deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained.

Establishes classes and categories of membership. Declares that membership authorizes an insurance producer to sell, solicit, negotiate, effect, procure, deliver, renew, continue, or bind insurance in any state for any line or lines of insurance specified in such producer's home state license, and exercise all such incidental powers, including claims adjustments and settlement, risk management, employee benefits advice, retirement planning, and any other insurance-related consulting activities.

Preserves state consumer protection and market conduct regulation powers. Grants the Association membership probation, suspension and revocation powers.

Requires the Association to establish an office of consumer complaints, including a toll-free telephone number.

Creates a Board of Directors to govern and supervise the Association and its members.

Preempts specified state actions.

Permits judicial review over litigation involving the Association.

Status of the Legislation

Latest Major Action: 7/9/2008: House committee/subcommittee actions. Status: Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote .

Points in Favor

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Points Against

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