House Committee Approves TRIA Renewal Bill with NARAB Amendment
The House Financial Services Committee today voted to report out a bill to extend the federal terrorism insurance program for another five years. The bill also contains some reforms of the Terrorism Risk Insurance Act (TRIA) and an insurance producer licensing reform amendment. In considering the TRIA Reform Act of 2014 (H.R. 4871) yesterday, the committee attached the producer licensing bill— the National Association of Registered Agents and Brokers Reform Act (NARAB) — to the TRIA bill. NARAB would create a nonprofit board for insurance agents and brokers to more easily obtain approval to operate on a multi-state basis. http://www.insurancejournal.com/news/national/2014/06/20/332536.htm
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