IIB 
110TH CONGRESS 
2D SESSION 
H. R. 5611 
IN THE SENATE OF THE UNITED STATES 
SEPTEMBER 22 (legislative day, SEPTEMBER 17), 2008 
Received 
OCTOBER 2 (legislative day, SEPTEMBER 17), 2008 
Read twice and referred to the Committee on Banking, Housing, and Urban 
Affairs 
AN ACT 
To reform the National Association of Registered Agents 
and Brokers, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘National Association 
of Registered Agents and Brokers Reform Act of 2008’’. 
SEC. 2. REESTABLISHMENT OF THE NATIONAL ASSOCIA-
TION OF REGISTERED AGENTS AND BRO-
KERS. 
(a) IN GENERAL.—Subtitle C of title III of the 
Gramm-Leach-Bliley Act (15 U.S.C. 6751 et seq.) is 
amended to read as follows: 
‘‘Subtitle C—National Association 
of Registered Agents and Brokers 
‘‘SEC. 
321. 
NATIONAL 
ASSOCIATION 
OF 
REGISTERED 
AGENTS AND BROKERS. 
‘‘(a) ESTABLISHMENT.—There is established the Na-
tional Association of Registered Agents and Brokers 
(hereafter in this subtitle referred to as the ‘Association’). 
‘‘(b) STATUS.—The Association shall— 
‘‘(1) be a nonprofit corporation; 
‘‘(2) have succession until dissolved by an Act 
of Congress; 
‘‘(3) not be an agent or instrumentality of the 
United States Government; and 
‘‘(4) except as otherwise provided in this sub-
title, be subject to, and have all the powers conferred 
upon a nonprofit corporation by the District of Co-
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lumbia Nonprofit Corporation Act (D.C. Code, sec. 
29–301.01 et seq.). 
‘‘SEC. 322. PURPOSE. 
‘‘The purpose of the Association shall be to provide 
a mechanism through which licensing, continuing edu-
cation, and other nonresident insurance producer quali-
fication requirements and conditions can be adopted and 
applied on a multi-state basis (without affecting the laws, 
rules, and regulations pertaining to resident insurance 
producers or appointments or producing a net loss of pro-
ducer licensing revenues to States), while preserving the 
right of States to license, supervise, discipline, and estab-
lish licensing fees for insurance producers, and to pre-
scribe and enforce laws and regulations with regard to in-
surance-related consumer protection and unfair trade 
practices. 
‘‘SEC. 323. MEMBERSHIP. 
‘‘(a) ELIGIBILITY.— 
‘‘(1) IN GENERAL.—Any insurance producer li-
censed in its home State shall be eligible to become 
a member in the Association. 
‘‘(2) INELIGIBILITY FOR SUSPENSION OR REV-
OCATION OF LICENSE.—Notwithstanding paragraph 
(1), a State-licensed insurance producer shall not be 
eligible to become a member if a State insurance 
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regulator has suspended or revoked such producer’s 
license in that State during the 3-year period pre-
ceding the date on which such producer applies for 
membership. 
‘‘(3) RESUMPTION OF ELIGIBILITY.—Paragraph 
(2) shall cease to apply to any insurance producer 
if— 
‘‘(A) the State insurance regulator renews 
the license of such producer in the State in 
which the license was suspended or revoked; or 
‘‘(B) the suspension or revocation is subse-
quently overturned. 
‘‘(4) 
CRIMINAL
BACKGROUND
CHECK
RE-
QUIRED.— 
‘‘(A) IN
GENERAL.—A State-licensed in-
surance producer shall not be eligible to become 
a member unless the producer has submitted to 
a national criminal background record check. 
‘‘(B) CRIMINAL BACKGROUND CHECK OR-
DERED BY HOME STATE.—Any insurance pro-
ducer licensed in a State that, as a condition 
for such licensure, requires the submission of 
identification information to the Federal Bu-
reau of Investigation for a national criminal 
background record check shall be deemed to 
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