erage for terrorism losses of such insurers as the 
Secretary considers appropriate to analyze the effec-
tiveness of the Program, which shall include infor-
mation regarding— 
‘‘(A) lines of insurance with exposure to 
such losses; 
‘‘(B) premiums earned on such coverage; 
‘‘(C) geographical location of exposures; 
‘‘(D) pricing of such coverage; 
‘‘(E) the take-up rate for such coverage; 
‘‘(F) the amount of private reinsurance for 
acts of terrorism purchased; and 
‘‘(G) such other matters as the Secretary 
considers appropriate. 
‘‘(2) REPORTS.—Not later than June 30, 2016, 
and every other June 30 thereafter, the Secretary 
shall submit a report to the Committee on Financial 
Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs 
of the Senate that includes— 
‘‘(A) an analysis of the overall effectiveness 
of the Program; 
‘‘(B) an evaluation of any changes or 
trends in the data collected under paragraph 
(1); 
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‘‘(C) an evaluation of whether any aspects 
of the Program have the effect of discouraging 
or impeding insurers from providing commercial 
property casualty insurance coverage or cov-
erage for acts of terrorism; 
‘‘(D) an evaluation of the impact of the 
Program on workers’ compensation insurers; 
and 
‘‘(E) in the case of the data reported in 
paragraph (1)(B), an updated estimate of the 
total amount earned since January 1, 2003. 
‘‘(3) PROTECTION
OF
DATA.—To the extent 
possible, the Secretary shall contract with an insur-
ance statistical aggregator to collect the information 
described in paragraph (1), which shall keep any 
nonpublic information confidential and provide it to 
the Secretary in an aggregate form or in such other 
form or manner that does not permit identification 
of the insurer submitting such information. 
‘‘(4) ADVANCE
COORDINATION.—Before col-
lecting any data or information under paragraph (1) 
from an insurer, or affiliate of an insurer, the Sec-
retary shall coordinate with the appropriate State in-
surance regulatory authorities and any relevant gov-
ernment agency or publicly available sources to de-
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termine if the information to be collected is available 
from, and may be obtained in a timely manner by, 
individually or collectively, such entities. If the Sec-
retary determines that such data or information is 
available, and may be obtained in a timely matter, 
from such entities, the Secretary shall obtain the 
data or information from such entities. If the Sec-
retary determines that such data or information is 
not so available, the Secretary may collect such data 
or information from an insurer and affiliates. 
‘‘(5) CONFIDENTIALITY.— 
‘‘(A) RETENTION
OF
PRIVILEGE.—The 
submission of any non-publicly available data 
and information to the Secretary and the shar-
ing of any non-publicly available data with or 
by the Secretary among other Federal agencies, 
the State insurance regulatory authorities, or 
any other entities under this subsection shall 
not constitute a waiver of, or otherwise affect, 
any privilege arising under Federal or State law 
(including the rules of any Federal or State 
court) to which the data or information is oth-
erwise subject. 
‘‘(B) CONTINUED APPLICATION OF PRIOR 
CONFIDENTIALITY AGREEMENTS.—Any require-
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ment under Federal or State law to the extent 
otherwise applicable, or any requirement pursu-
ant to a written agreement in effect between 
the original source of any non-publicly available 
data or information and the source of such data 
or information to the Secretary, regarding the 
privacy or confidentiality of any data or infor-
mation in the possession of the source to the 
Secretary, shall continue to apply to such data 
or information after the data or information 
has been provided pursuant to this subsection. 
‘‘(C) 
INFORMATION-SHARING
AGREE-
MENT.—Any data or information obtained by 
the Secretary under this subsection may be 
made available to State insurance regulatory 
authorities, individually or collectively through 
an information-sharing agreement that— 
‘‘(i) shall comply with applicable Fed-
eral law; and 
‘‘(ii) shall not constitute a waiver of, 
or otherwise affect, any privilege under 
Federal or State law (including any privi-
lege referred to in subparagraph (A) and 
the rules of any Federal or State court) to 
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which the data or information is otherwise 
subject. 
‘‘(D) 
AGENCY
DISCLOSURE
REQUIRE-
MENTS.—Section 552 of title 5, United States 
Code, including any exceptions thereunder, shall 
apply to any data or information submitted 
under this subsection to the Secretary by an in-
surer or affiliate of an insurer.’’. 
SEC. 112. ANNUAL STUDY OF SMALL INSURER MARKET 
COMPETITIVENESS. 
Section 108 (15 U.S.C. 6701 note) is amended by 
adding at the end the following new subsection: 
‘‘(h) STUDY OF SMALL INSURER MARKET COMPETI-
TIVENESS.— 
‘‘(1) IN GENERAL.—Not later than June 30, 
2017, and every other June 30 thereafter, the Sec-
retary shall conduct a study of small insurers (as 
such term is defined by regulation by the Secretary) 
participating in the Program, and identify any com-
petitive challenges small insurers face in the ter-
rorism risk insurance marketplace, including— 
‘‘(A) changes to the market share, pre-
mium volume, and policyholder surplus of small 
insurers relative to large insurers; 
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‘‘(B) how the property and casualty insur-
ance market for terrorism risk differs between 
small and large insurers, and whether such a 
difference exists within other perils; 
‘‘(C) the impact of the Program’s manda-
tory availability requirement under section 
103(c) on small insurers; 
‘‘(D) the effect of increasing the trigger 
amount 
for 
the 
Program 
under 
section 
103(e)(1)(B) on small insurers; 
‘‘(E) the availability and cost of private re-
insurance for small insurers; and 
‘‘(F) the impact that State workers com-
pensation laws have on small insurers and 
workers compensation carriers in the terrorism 
risk insurance marketplace. 
‘‘(2) REPORT.—The Secretary shall submit a 
report to the Congress setting forth the findings and 
conclusions of each study required under paragraph 
(1).’’. 
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TITLE 
II—NATIONAL 
ASSOCIA-
TION 
OF 
REGISTERED 
AGENTS AND BROKERS RE-
FORM 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘National Association 
of Registered Agents and Brokers Reform Act of 2015’’. 
SEC. 202. 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 (re-
ferred to in this subtitle as the ‘Association’). 
‘‘(b) STATUS.—The Association shall— 
‘‘(1) be a nonprofit corporation; 
‘‘(2) not be an agent or instrumentality of the 
Federal Government; 
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‘‘(3) be an independent organization that may 
not be merged with or into any other private or pub-
lic entity; 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-
lumbia Nonprofit Corporation Act (D.C. Code, sec. 
29–301.01 et seq.) or any successor thereto. 
‘‘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 may be adopted and 
applied on a multi-state basis without affecting the laws, 
rules, and regulations, and preserving the rights of a 
State, pertaining to— 
‘‘(1) licensing, continuing education, and other 
qualification requirements of insurance producers 
that are not members of the Association; 
‘‘(2) resident or nonresident insurance producer 
appointment requirements; 
‘‘(3) supervising and disciplining resident and 
nonresident insurance producers; 
‘‘(4) establishing licensing fees for resident and 
nonresident insurance producers so that there is no 
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loss of insurance producer licensing revenue to the 
State; and 
‘‘(5) prescribing and enforcing laws and regula-
tions regulating the conduct of resident and non-
resident insurance producers. 
‘‘SEC. 323. MEMBERSHIP. 
‘‘(a) ELIGIBILITY.— 
‘‘(1) IN GENERAL.—Any insurance producer li-
censed in its home State shall, subject to paragraphs 
(2) and (4), be eligible to become a member of the 
Association. 
‘‘(2) INELIGIBILITY FOR SUSPENSION OR REV-
OCATION OF LICENSE.—Subject to paragraph (3), 
an insurance producer is not eligible to become a 
member of the Association if a State insurance regu-
lator has suspended or revoked the insurance license 
of the insurance producer in that State. 
‘‘(3) RESUMPTION OF ELIGIBILITY.—Paragraph 
(2) shall cease to apply to any insurance producer 
if— 
‘‘(A) the State insurance regulator reissues 
or renews the license of the insurance producer 
in the State in which the license was suspended 
or revoked, or otherwise terminates or vacates 
the suspension or revocation; or 
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‘‘(B) the suspension or revocation expires 
or is subsequently overturned by a court of 
competent jurisdiction. 
‘‘(4) CRIMINAL HISTORY RECORD CHECK RE-
QUIRED.— 
‘‘(A) IN
GENERAL.—An insurance pro-
ducer who is an individual shall not be eligible 
to become a member of the Association unless 
the insurance producer has undergone a crimi-
nal history record check that complies with reg-
ulations prescribed by the Attorney General of 
the United States under subparagraph (K). 
‘‘(B) CRIMINAL HISTORY RECORD CHECK 
REQUESTED
BY
HOME
STATE.—An insurance 
producer who is licensed in a State and who has 
undergone a criminal history record check dur-
ing the 2-year period preceding the date of sub-
mission of an application to become a member 
of the Association, in compliance with a re-
quirement to undergo such criminal history 
record check as a condition for such licensure 
in the State, shall be deemed to have undergone 
a criminal history record check for purposes of 
subparagraph (A). 
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‘‘(C) CRIMINAL HISTORY RECORD CHECK 
REQUESTED BY ASSOCIATION.— 
‘‘(i) IN
GENERAL.—The Association 
shall, upon request by an insurance pro-
ducer licensed in a State, submit finger-
prints or other identification information 
obtained from the insurance producer, and 
a request for a criminal history record 
check of the insurance producer, to the 
Federal Bureau of Investigation. 
‘‘(ii) PROCEDURES.—The board of di-
rectors of the Association (referred to in 
this subtitle as the ‘Board’) shall prescribe 
procedures for obtaining and utilizing fin-
gerprints or other identification informa-
tion and criminal history record informa-
tion, including the establishment of reason-
able fees to defray the expenses of the As-
sociation in connection with the perform-
ance of a criminal history record check and 
appropriate safeguards for maintaining 
confidentiality and security of the informa-
tion. Any fees charged pursuant to this 
clause shall be separate and distinct from 
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those charged by the Attorney General 
pursuant to subparagraph (I). 
‘‘(D) FORM OF REQUEST.—A submission 
under subparagraph (C)(i) shall include such 
fingerprints or other identification information 
as is required by the Attorney General con-
cerning the person about whom the criminal 
history record check is requested, and a state-
ment signed by the person authorizing the At-
torney General to provide the information to 
the Association and for the Association to re-
ceive the information. 
‘‘(E) PROVISION OF INFORMATION BY AT-
TORNEY GENERAL.—Upon receiving a submis-
sion under subparagraph (C)(i) from the Asso-
ciation, the Attorney General shall search all 
criminal history records of the Federal Bureau 
of Investigation, including records of the Crimi-
nal Justice Information Services Division of the 
Federal Bureau of Investigation, that the At-
torney General determines appropriate for 
criminal history records corresponding to the 
fingerprints or other identification information 
provided under subparagraph (D) and provide 
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all criminal history record information included 
in the request to the Association. 
‘‘(F) LIMITATION ON PERMISSIBLE USES 
OF
INFORMATION.—Any information provided 
to the Association under subparagraph (E) may 
only— 
‘‘(i) be used for purposes of deter-
mining compliance with membership cri-
teria established by the Association; 
‘‘(ii) be disclosed to State insurance 
regulators, or Federal or State law en-
forcement agencies, in conformance with 
applicable law; or 
‘‘(iii) be disclosed, upon request, to 
the insurance producer to whom the crimi-
nal history record information relates. 
‘‘(G) PENALTY
FOR
IMPROPER
USE
OR 
DISCLOSURE.—Whoever knowingly uses any in-
formation provided under subparagraph (E) for 
a purpose not authorized in subparagraph (F), 
or discloses any such information to anyone not 
authorized to receive it, shall be fined not more 
than $50,000 per violation as determined by a 
court of competent jurisdiction. 
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‘‘(H) RELIANCE ON INFORMATION.—Nei-
ther the Association nor any of its Board mem-
bers, officers, or employees shall be liable in 
any action for using information provided under 
subparagraph (E) as permitted under subpara-
graph (F) in good faith and in reasonable reli-
ance on its accuracy. 
‘‘(I) FEES.—The Attorney General may 
charge a reasonable fee for conducting the 
search and providing the information under 
subparagraph (E), and any such fee shall be 
collected and remitted by the Association to the 
Attorney General. 
‘‘(J) RULE OF CONSTRUCTION.—Nothing 
in this paragraph shall be construed as— 
‘‘(i) requiring a State insurance regu-
lator to perform criminal history record 
checks under this section; or 
‘‘(ii) limiting any other authority that 
allows access to criminal history records. 
‘‘(K) REGULATIONS.—The Attorney Gen-
eral shall prescribe regulations to carry out this 
paragraph, which shall include— 
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‘‘(i) appropriate protections for ensur-
ing the confidentiality of information pro-
vided under subparagraph (E); and 
‘‘(ii) procedures providing a reason-
able opportunity for an insurance producer 
to contest the accuracy of information re-
garding the insurance producer provided 
under subparagraph (E). 
‘‘(L) INELIGIBILITY FOR MEMBERSHIP.— 
‘‘(i) IN
GENERAL.—The Association 
may, under reasonably consistently applied 
standards, deny membership to an insur-
ance producer on the basis of criminal his-
tory record information provided under 
subparagraph (E), or where the insurance 
producer has been subject to disciplinary 
action, as described in paragraph (2). 
‘‘(ii) RIGHTS OF APPLICANTS DENIED 
MEMBERSHIP.—The Association shall no-
tify any insurance producer who is denied 
membership on the basis of criminal his-
tory record information provided under 
subparagraph (E) of the right of the insur-
ance producer to— 
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‘‘(I) obtain a copy of all criminal 
history record information provided to 
the Association under subparagraph 
(E) with respect to the insurance pro-
ducer; and 
‘‘(II) challenge the denial of 
membership based on the accuracy 
and completeness of the information. 
‘‘(M) DEFINITION.—For purposes of this 
paragraph, the term ‘criminal history record 
check’ means a national background check of 
criminal history records of the Federal Bureau 
of Investigation. 
‘‘(b) AUTHORITY TO ESTABLISH MEMBERSHIP CRI-
TERIA.—The Association may establish membership cri-
teria that bear a reasonable relationship to the purposes 
for which the Association was established. 
‘‘(c) ESTABLISHMENT OF CLASSES AND CATEGORIES 
OF MEMBERSHIP.— 
‘‘(1) CLASSES OF MEMBERSHIP.—The Associa-
tion may establish separate classes of membership, 
with separate criteria, if the Association reasonably 
determines that performance of different duties re-
quires different levels of education, training, experi-
ence, or other qualifications. 
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‘‘(2) BUSINESS
ENTITIES.—The Association 
shall establish a class of membership and member-
ship criteria for business entities. A business entity 
that applies for membership shall be required to des-
ignate an individual Association member responsible 
for the compliance of the business entity with Asso-
ciation standards and the insurance laws, standards, 
and regulations of any State in which the business 
entity seeks to do business on the basis of Associa-
tion membership. 
‘‘(3) CATEGORIES.— 
‘‘(A) SEPARATE CATEGORIES FOR INSUR-
ANCE
PRODUCERS
PERMITTED.—The Associa-
tion may establish separate categories of mem-
bership for insurance producers and for other 
persons or entities within each class, based on 
the types of licensing categories that exist 
under State laws. 
‘‘(B) SEPARATE TREATMENT FOR DEPOSI-
TORY INSTITUTIONS PROHIBITED.—No special 
categories of membership, and no distinct mem-
bership criteria, shall be established for mem-
bers that are depository institutions or for em-
ployees, agents, or affiliates of depository insti-
tutions. 
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‘‘(d) MEMBERSHIP CRITERIA.— 
‘‘(1) IN GENERAL.—The Association may estab-
lish criteria for membership which shall include 
standards for personal qualifications, education, 
training, and experience. The Association shall not 
establish criteria that unfairly limit the ability of a 
small insurance producer to become a member of the 
Association, including imposing discriminatory mem-
bership fees. 
‘‘(2) QUALIFICATIONS.—In establishing criteria 
under paragraph (1), the Association shall not adopt 
any qualification less protective to the public than 
that contained in the National Association of Insur-
ance Commissioners (referred to in this subtitle as 
the ‘NAIC’) Producer Licensing Model Act in effect 
as of the date of enactment of the National Associa-
tion of Registered Agents and Brokers Reform Act 
of 2015, and shall consider the highest levels of in-
surance producer qualifications established under 
the licensing laws of the States. 
‘‘(3) ASSISTANCE FROM STATES.— 
‘‘(A) IN GENERAL.—The Association may 
request a State to provide assistance in inves-
tigating and evaluating the eligibility of a pro-
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spective member for membership in the Associa-
tion. 
‘‘(B) AUTHORIZATION
OF
INFORMATION 
SHARING.—A 
submission 
under 
subsection 
(a)(4)(C)(i) made by an insurance producer li-
censed in a State shall include a statement 
signed by the person about whom the assistance 
is requested authorizing— 
‘‘(i) the State to share information 
with the Association; and 
‘‘(ii) the Association to receive the in-
formation. 
‘‘(C) RULE OF CONSTRUCTION.—Subpara-
graph (A) shall not be construed as requiring or 
authorizing any State to adopt new or addi-
tional requirements concerning the licensing or 
evaluation of insurance producers. 
‘‘(4) DENIAL OF MEMBERSHIP.—The Associa-
tion may, based on reasonably consistently applied 
standards, deny membership to any State-licensed 
insurance producer for failure to meet the member-
ship criteria established by the Association. 
‘‘(e) EFFECT OF MEMBERSHIP.— 
‘‘(1) AUTHORITY OF ASSOCIATION MEMBERS.— 
Membership in the Association shall— 
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‘‘(A) authorize an insurance producer to 
sell, solicit, or negotiate insurance in any State 
for which the member pays the licensing fee set 
by the State for any line or lines of insurance 
specified in the home State license of the insur-
ance producer, and exercise all such incidental 
powers as shall be necessary to carry out such 
activities, including claims adjustments and set-
tlement to the extent permissible under the laws 
of the State, risk management, employee bene-
fits advice, retirement planning, and any other 
insurance-related consulting activities; 
‘‘(B) be the equivalent of a nonresident in-
surance producer license for purposes of author-
izing the insurance producer to engage in the 
activities described in subparagraph (A) in any 
State where the member pays the licensing fee; 
and 
‘‘(C) be the equivalent of a nonresident in-
surance producer license for the purpose of sub-
jecting an insurance producer to all laws, regu-
lations, provisions or other action of any State 
concerning revocation, suspension, or other en-
forcement action related to the ability of a 
member to engage in any activity within the 
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scope of authority granted under this subsection 
and to all State laws, regulations, provisions, 
and actions preserved under paragraph (5). 
‘‘(2) VIOLENT CRIME CONTROL AND LAW EN-
FORCEMENT ACT OF 1994.—Nothing in this subtitle 
shall be construed to alter, modify, or supercede any 
requirement established by section 1033 of title 18, 
United States Code. 
‘‘(3) AGENT FOR REMITTING FEES.—The Asso-
ciation shall act as an agent for any member for 
purposes of remitting licensing fees to any State 
pursuant to paragraph (1). 
‘‘(4) NOTIFICATION OF ACTION.— 
‘‘(A) IN GENERAL.—The Association shall 
notify the States (including State insurance 
regulators) and the NAIC when an insurance 
producer has satisfied the membership criteria 
of this section. The States (including State in-
surance regulators) shall have 10 business days 
after the date of the notification in order to 
provide the Association with evidence that the 
insurance producer does not satisfy the criteria 
for membership in the Association. 
‘‘(B) ONGOING DISCLOSURES REQUIRED.— 
On an ongoing basis, the Association shall dis-
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close to the States (including State insurance 
regulators) and the NAIC a list of the States 
in which each member is authorized to operate. 
The Association shall immediately notify the 
States (including State insurance regulators) 
and the NAIC when a member is newly author-
ized to operate in one or more States, or is no 
longer authorized to operate in one or more 
States on the basis of Association membership. 
‘‘(5) PRESERVATION
OF
CONSUMER
PROTEC-
TION AND MARKET CONDUCT REGULATION.— 
‘‘(A) IN GENERAL.—No provision of this 
section shall be construed as altering or affect-
ing the applicability or continuing effectiveness 
of any law, regulation, provision, or other action 
of any State, including those described in sub-
paragraph (B), to the extent that the State law, 
regulation, provision, or other action is not in-
consistent with the provisions of this subtitle re-
lated to market entry for nonresident insurance 
producers, and then only to the extent of the in-
consistency. 
‘‘(B) 
PRESERVED
REGULATIONS.—The 
laws, regulations, provisions, or other actions of 
any State referred to in subparagraph (A) in-
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clude laws, regulations, provisions, or other ac-
tions that— 
‘‘(i) regulate market conduct, insur-
ance producer conduct, or unfair trade 
practices; 
‘‘(ii) establish consumer protections; 
or 
‘‘(iii) require insurance producers to 
be appointed by a licensed or authorized 
insurer. 
‘‘(f) BIENNIAL RENEWAL.—Membership in the Asso-
ciation shall be renewed on a biennial basis. 
‘‘(g) CONTINUING EDUCATION.— 
‘‘(1) IN GENERAL.—The Association shall es-
tablish, as a condition of membership, continuing 
education requirements which shall be comparable to 
the continuing education requirements under the li-
censing laws of a majority of the States. 
‘‘(2) STATE CONTINUING EDUCATION REQUIRE-
MENTS.—A member may not be required to satisfy 
continuing education requirements imposed under 
the laws, regulations, provisions, or actions of any 
State other than the home State of the member. 
‘‘(3) RECIPROCITY.—The Association shall not 
require a member to satisfy continuing education re-
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SSpencer on DSK4SPTVN1PROD with BILLS
quirements that are equivalent to any continuing 
education requirements of the home State of the 
member that have been satisfied by the member dur-
ing the applicable licensing period. 
‘‘(4) LIMITATION ON THE ASSOCIATION.—The 
Association shall not directly or indirectly offer any 
continuing education courses for insurance pro-
ducers. 
‘‘(h) PROBATION, SUSPENSION AND REVOCATION.— 
‘‘(1) DISCIPLINARY ACTION.—The Association 
may place an insurance producer that is a member 
of the Association on probation or suspend or revoke 
the membership of the insurance producer in the As-
sociation, or assess monetary fines or penalties, as 
the Association determines to be appropriate, if— 
‘‘(A) the insurance producer fails to meet 
the applicable membership criteria or other 
standards established by the Association; 
‘‘(B) the insurance producer has been sub-
ject to disciplinary action pursuant to a final 
adjudicatory proceeding under the jurisdiction 
of a State insurance regulator; 
‘‘(C) an insurance license held by the in-
surance producer has been suspended or re-
voked by a State insurance regulator; or 
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