1/14/2016 1:02:26 PM
SAINT PAUL – President Obama has announced his intent to nominate Minnesota Commerce Commissioner Mike Rothman to serve on the Board of Directors for the newly-created National Association of Registered Agents and Brokers (NARAB), which will create a one-stop licensing process for insurance agents and brokers who seek to do business in multiple states.
Currently, agents and brokers who operate in more than one state must complete separate applications, pay multiple licensing fees and meet different continuing education requirements in each state where they want to do business.
NARAB will oversee a standardized licensing platform to help insurance agents and brokers do business beyond their home states. While NARAB will implement national standards for nonresident licensing, agents and brokers will still be responsible for resident licensure under their home state’s insurance regulations.
Appointed by the President with the advice and consent of the U.S. Senate, the NARAB Board will consist of 13 members, including eight state insurance commissioners and five insurance industry representatives.
Rothman has served as Minnesota Commerce Commissioner since January 2011, with jurisdiction over more than 20 regulated industries, including insurance. He is an active leader in the National Association of Insurance Commissioners.