[Congressional Record Volume 154, Number 149 (Thursday, September 18, 2008)]
[Extensions of Remarks]
[Page E1845]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 H.R. 5840, THE INSURANCE INFORMATION ACT OF 2008, AND H.R. 5611, THE 
  NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BROKERS REFORM ACT OF 
                                  2008

                                 ______
                                 

                         HON. MICHELE BACHMANN

                              of minnesota

                    in the house of representatives

                      Thursday, September 18, 2008

  Mrs. BACHMANN. Madam Speaker, I am pleased that the House is 
considering two important bills today--H.R. 5840, the Insurance 
Information Act of 2008, and H.R. 5611, the National Association of 
Registered Agents and Brokers Reform Act of 2008. Both these bills will 
streamline aspects of the insurance industry to help ensure more 
consistency for agents, brokers, and consumers alike.
  H.R. 5840, the Insurance Information Act of 2008, creates a new 
Office of Insurance Information (OII) under the U.S. Treasury to advise 
the President and Congress on insurance issues. Currently, all 50 
states regulate insurance in their own unique manner. The OII will 
serve as a hub for data collection and will help guide policymakers 
working to alleviate undue burdens throughout the insurance regulatory 
regime.
  As the new agency responsible for investigating and reporting on 
insurance issues, the OII will also coordinate Federal policy on 
international insurance matters. In today's global marketplace, this 
will help American insurance companies obtain better access to foreign 
markets and strengthen their positions as leaders in offering insurance 
products both here and overseas.
  Additionally, H.R. 5611, the National Association of Registered 
Agents and Brokers Reform Act of 2008, creates the National Association 
of Registered Agents and Brokers, NARAB. Established as a nonprofit 
corporation to facilitate the nationwide licensing of insurance agents 
and brokers, NARAB will supervise and discipline individuals who wish 
to practice in multiple states.
  This new, voluntary tool, which gives agents and brokers the 
opportunity to be licensed by individual states under the current 
system, injects much-needed uniformity for those agents and brokers 
whose businesses stretch from state to state. Consumers will obtain 
better services and financial products for lower costs while agents and 
brokers will avoid many of the headaches they currently face due to the 
myriad of state licensing standards with which they must currently 
comply.
  Madam Speaker, I urge my colleagues to support these measures.

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