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National Association of Registered Agents and Brokers Reform Act of 2013

Congress at Work

October 2013

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National Association of Registered Agents and Brokers Reform Act of 2013

This bill would repeal some of the previous contingent conditions that were established under the Gramm-Leach-Bliley Act that limited the oversight ability of the National Association of Registered Agents and Brokers (NARAB). If passed, this legislation would permit NARAB to basically regulate broker and agent activities for consumer protection. It would also approve the licensing and insurance producer qualification requirements and conditions across all states.

The legislation authorizes NARAB to establish its membership criteria, which would include a mandatory criminal background check, and be able to deny membership to any state-licensed insurance producer on the basis of criminal history or past disciplinary actions. NARAB membership would authorize insurance agents to conduct – in any other state – the same lines of business he is licensed for in his home state.

This bill directs NARAB to coordinate with state insurance regulators to establish a central clearinghouse and national database of regulatory information concerning the activities of insurance producers. This bill passed in the House on Sept. 10 and is in the Senate for consideration.

Global Investment in American Jobs Act of 2013

The Global Investment in American Jobs Act of 2013 is designed to remove unnecessary barriers to foreign direct investment and the U.S. jobs it creates. This may include creating new trade agreements, reducing our corporate income tax, investing in the skills of the U.S. workforce, and supporting the burgeoning energy revolution in this country.

The bill would direct the Secretary of Commerce to conduct an interagency review of U.S. global competitiveness in attracting foreign direct investment and report to Congress recommendations for increasing U.S. global competitiveness without weakening labor, consumer, financial or environmental protections.

The bill passed in the House on Sept. 9 and is in the Senate for consideration.

Taxpayer Receipt Act of 2013

The Taxpayer Receipt Act of 2013 would amend the Internal Revenue Code to require the Secretary of the Treasury to mail a receipt to individual taxpayers acknowledging the taxes paid for the preceding tax year.

This tax receipt is designed to do more than let a taxpayer know what he already knows. It also would provide information to help educate Americans about government spending and some of the reasons for the current national deficit. Hence, the receipt would include tables listing the federal government’s expenditures for the year and highlight the 10 most costly tax expenditures in the federal budget.

This bill has been introduced and referred to committee for review.

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These articles are intended to provide general resources for the tax and accounting needs of small businesses and individuals. Service2Client LLC is the author, but is not engaged in rendering specific legal, accounting, financial or professional advice. Service2Client LLC makes no representation that the recommendations of Service2Client LLC will achieve any result. The NSAD has not reviewed any of the Service2Client LLC content. Readers are encouraged to contact their CPA regarding the topics in these articles.

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