Terrorism Risk Insurance Program Reauthorization Act of 2015
PL 114-1 (H.R.26), enacted 01/12/2015

129 STAT. 3 
PUBLIC LAW 114–1—JAN. 12, 2015 
Public Law 114–1 
114th Congress 
An Act 
To extend the termination date of the Terrorism Insurance Program established 
under the Terrorism Risk Insurance Act of 2002, and for other purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Terrorism 
Risk Insurance Program Reauthorization Act of 2015’’. 
(b) TABLE OF CONTENTS.—The table of contents for this Act 
is as follows: 
Sec. 1. Short title and table of contents. 
TITLE I—EXTENSION OF TERRORISM INSURANCE PROGRAM 
Sec. 101. Extension of Terrorism Insurance Program. 
Sec. 102. Federal share. 
Sec. 103. Program trigger. 
Sec. 104. Recoupment of Federal share of compensation under the program. 
Sec. 105. Certification of acts of terrorism; consultation with Secretary of Homeland 
Security. 
Sec. 106. Technical amendments. 
Sec. 107. Improving the certification process. 
Sec. 108. GAO study. 
Sec. 109. Membership of Board of Governors of the Federal Reserve System. 
Sec. 110. Advisory Committee on Risk-Sharing Mechanisms. 
Sec. 111. Reporting of terrorism insurance data. 
Sec. 112. Annual study of small insurer market competitiveness. 
TITLE II—NATIONAL ASSOCIATION OF REGISTERED AGENTS AND 
BROKERS REFORM 
Sec. 201. Short title. 
Sec. 202. Reestablishment of the National Association of Registered Agents and 
Brokers. 
TITLE III—BUSINESS RISK MITIGATION AND PRICE STABILIZATION 
Sec. 301. Short title. 
Sec. 302. Margin requirements. 
Sec. 303. Implementation. 
TITLE I—EXTENSION OF TERRORISM 
INSURANCE PROGRAM 
SEC. 101. EXTENSION OF TERRORISM INSURANCE PROGRAM. 
Section 108(a) of the Terrorism Risk Insurance Act of 2002 
(15 U.S.C. 6701 note) is amended by striking ‘‘December 31, 2014’’ 
and inserting ‘‘December 31, 2020’’. 
Terrorism Risk 
Insurance 
Program 
Reauthorization 
Act of 2015. 
15 USC 6701 
note. 
Jan. 12, 2015 
[H.R. 26] 
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129 STAT. 4 
PUBLIC LAW 114–1—JAN. 12, 2015 
SEC. 102. FEDERAL SHARE. 
Section 103(e)(1)(A) of the Terrorism Risk Insurance Act of 
2002 (15 U.S.C. 6701 note) is amended by inserting ‘‘and beginning 
on January 1, 2016, shall decrease by 1 percentage point per cal-
endar year until equal to 80 percent’’ after ‘‘85 percent’’. 
SEC. 103. PROGRAM TRIGGER. 
Subparagraph (B) of section 103(e)(1) (15 U.S.C. 6701 note) 
is amended in the matter preceding clause (i)— 
(1) by striking ‘‘a certified act’’ and inserting ‘‘certified 
acts’’; 
(2) by striking ‘‘such certified act’’ and inserting ‘‘such 
certified acts’’; and 
(3) by striking ‘‘exceed’’ and all that follows through clause 
(ii) and inserting the following: ‘‘exceed— 
‘‘(i) $100,000,000, with respect to such insured 
losses occurring in calendar year 2015; 
‘‘(ii) $120,000,000, with respect to such insured 
losses occurring in calendar year 2016; 
‘‘(iii) $140,000,000, with respect to such insured 
losses occurring in calendar year 2017; 
‘‘(iv) $160,000,000, with respect to such insured 
losses occurring in calendar year 2018; 
‘‘(v) $180,000,000, with respect to such insured 
losses occurring in calendar year 2019; and 
‘‘(vi) $200,000,000, with respect to such insured 
losses occurring in calendar year 2020 and any cal-
endar year thereafter.’’. 
SEC. 104. RECOUPMENT OF FEDERAL SHARE OF COMPENSATION 
UNDER THE PROGRAM. 
Section 103(e) of the Terrorism Risk Insurance Act of 2002 
(15 U.S.C. 6701 note) is amended— 
(1) by amending paragraph (6) to read as follows: 
‘‘(6) INSURANCE
MARKETPLACE
AGGREGATE
RETENTION 
AMOUNT.— 
‘‘(A) IN GENERAL.—For purposes of paragraph (7), the 
insurance marketplace aggregate retention amount shall 
be the lesser of— 
‘‘(i) $27,500,000,000, as such amount is revised 
pursuant to this paragraph; and 
‘‘(ii) the aggregate amount, for all insurers, of 
insured losses during such calendar year. 
‘‘(B) REVISION OF INSURANCE MARKETPLACE AGGREGATE 
RETENTION AMOUNT.— 
‘‘(i) PHASE-IN.—Beginning in the calendar year of 
enactment of the Terrorism Risk Insurance Program 
Reauthorization Act of 2015, the amount set forth 
under 
subparagraph 
(A)(i) 
shall 
increase 
by 
$2,000,000,000 per calendar year until equal to 
$37,500,000,000. 
‘‘(ii) FURTHER
REVISION.—Beginning in the cal-
endar year that follows the calendar year in which 
the amount set forth under subparagraph (A)(i) is equal 
to $37,500,000,000, the amount under subparagraph 
(A)(i) shall be revised to be the amount equal to the 
annual average of the sum of insurer deductibles for 
Effective dates. 
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129 STAT. 5 
PUBLIC LAW 114–1—JAN. 12, 2015 
all insurers participating in the Program for the prior 
3 calendar years, as such sum is determined by the 
Secretary under subparagraph (C). 
‘‘(C) RULEMAKING.—Not later than 3 years after the 
date of enactment of the Terrorism Risk Insurance Program 
Reauthorization Act of 2015, the Secretary shall— 
‘‘(i) issue final rules for determining the amount 
of the sum described under subparagraph (B)(ii); and 
‘‘(ii) provide a timeline for public notification of 
such determination.’’; and 
(2) in paragraph (7)— 
(A) in subparagraph (A)— 
(i) in the matter preceding clause (i), by striking 
‘‘for each of the periods referred to in subparagraphs 
(A) through (E) of paragraph (6)’’; and 
(ii) in clause (i), by striking ‘‘for such period’’; 
(B) by striking subparagraph (B) and inserting the 
following: 
‘‘(B) [Reserved.]’’; 
(C) in subparagraph (C)— 
(i) by striking ‘‘occurring during any of the periods 
referred to in any of subparagraphs (A) through (E) 
of paragraph (6), terrorism loss risk-spreading pre-
miums in an amount equal to 133 percent’’ and 
inserting ‘‘, terrorism loss risk-spreading premiums in 
an amount equal to 140 percent’’; and 
(ii) by inserting ‘‘as calculated under subparagraph 
(A)’’ after ‘‘mandatory recoupment amount’’; and 
(D) in subparagraph (E)(i)— 
(i) in subclause (I)— 
(I) by striking ‘‘2010’’ and inserting ‘‘2017’’; 
and 
(II) by striking ‘‘2012’’ and inserting ‘‘2019’’; 
(ii) in subclause (II)— 
(I) by striking ‘‘2011’’ and inserting ‘‘2018’’; 
(II) by striking ‘‘2012’’ and inserting ‘‘2019’’; 
and 
(III) by striking ‘‘2017’’ and inserting ‘‘2024’’; 
and 
(iii) in subclause (III)— 
(I) by striking ‘‘2012’’ and inserting ‘‘2019’’; 
and 
(II) by striking ‘‘2017’’ and inserting ‘‘2024’’. 
SEC. 105. CERTIFICATION OF ACTS OF TERRORISM; CONSULTATION 
WITH SECRETARY OF HOMELAND SECURITY. 
Paragraph (1)(A) of section 102 (15 U.S.C. 6701 note) is 
amended in the matter preceding clause (i), by striking ‘‘concurrence 
with the Secretary of State’’ and inserting ‘‘consultation with the 
Secretary of Homeland Security’’. 
SEC. 106. TECHNICAL AMENDMENTS. 
The Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 
note) is amended— 
(1) in section 102— 
(A) in paragraph (3)— 
(i) by redesignating subparagraphs (A), (B), and 
(C) as clauses (i), (ii), and (iii), respectively; 
15 USC 6701 
note. 
Timeline. 
Public 
information. 
Determination. 
Deadline. 
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129 STAT. 6 
PUBLIC LAW 114–1—JAN. 12, 2015 
(ii) in the matter preceding clause (i) (as so redesig-
nated), by striking ‘‘An entity has’’ and inserting the 
following: 
‘‘(A) IN GENERAL.—An entity has’’; and 
(iii) by adding at the end the following new 
subparagraph: 
‘‘(B) RULE OF CONSTRUCTION.—An entity, including any 
affiliate thereof, does not have ‘control’ over another entity, 
if, as of the date of enactment of the Terrorism Risk Insur-
ance Program Reauthorization Act of 2015, the entity is 
acting as an attorney-in-fact, as defined by the Secretary, 
for the other entity and such other entity is a reciprocal 
insurer, provided that the entity is not, for reasons other 
than the attorney-in-fact relationship, defined as having 
‘control’ under subparagraph (A).’’; 
(B) in paragraph (7)— 
(i) by striking subparagraphs (A) through (F) and 
inserting the following: 
‘‘(A) the value of an insurer’s direct earned premiums 
during the immediately preceding calendar year, multiplied 
by 20 percent; and’’; 
(ii) by redesignating subparagraph (G) as subpara-
graph (B); and 
(iii) in subparagraph (B), as so redesignated by 
clause (ii)— 
(I) by striking ‘‘notwithstanding subpara-
graphs (A) through (F), for the Transition Period 
or any Program Year’’ and inserting ‘‘notwith-
standing subparagraph (A), for any calendar year’’; 
and 
(II) by striking ‘‘Period or Program Year’’ and 
inserting ‘‘calendar year’’; 
(C) by striking paragraph (11); and 
(D) by redesignating paragraphs (12) through (16) as 
paragraphs (11) through (15), respectively; and 
(2) in section 103— 
(A) in subsection (b)(2)— 
(i) in subparagraph (B), by striking ‘‘, purchase,’’; 
and 
(ii) in subparagraph (C), by striking ‘‘, purchase,’’; 
(B) in subsection (c), by striking ‘‘Program Year’’ and 
inserting ‘‘calendar year’’; 
(C) in subsection (e)— 
(i) in paragraph (1)(A), as previously amended by 
section 102— 
(I) by striking ‘‘the Transition Period and each 
Program Year through Program Year 4 shall be 
equal to 90 percent, and during Program Year 
5 and each Program Year thereafter’’ and inserting 
‘‘each calendar year’’; 
(II) by striking the comma after ‘‘80 percent’’; 
and 
(III) by striking ‘‘such Transition Period or 
such Program Year’’ and inserting ‘‘such calendar 
year’’; 
(ii) in paragraph (2)(A), by striking ‘‘the period 
beginning on the first day of the Transition Period 
15 USC 6701 
note. 
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129 STAT. 7 
PUBLIC LAW 114–1—JAN. 12, 2015 
and ending on the last day of Program Year 1, or 
during any Program Year thereafter’’ and inserting 
‘‘a calendar year’’; and 
(iii) in paragraph (3), by striking ‘‘the period begin-
ning on the first day of the Transition Period and 
ending on the last day of Program Year 1, or during 
any other Program Year’’ and inserting ‘‘any calendar 
year’’; and 
(D) in subsection (g)(2)— 
(i) by striking ‘‘the Transition Period or a Program 
Year’’ each place that term appears and inserting ‘‘the 
calendar year’’; 
(ii) by striking ‘‘such period’’ and inserting ‘‘the 
calendar year’’; and 
(iii) by striking ‘‘that period’’ and inserting ‘‘the 
calendar year’’. 
SEC. 107. IMPROVING THE CERTIFICATION PROCESS. 
(a) DEFINITIONS.—As used in this section— 
(1) the term ‘‘act of terrorism’’ has the same meaning 
as in section 102(1) of the Terrorism Risk Insurance Act of 
2002 (15 U.S.C. 6701 note); 
(2) the term ‘‘certification process’’ means the process by 
which the Secretary determines whether to certify an act as 
an act of terrorism under section 102(1) of the Terrorism Risk 
Insurance Act of 2002 (15 U.S.C. 6701 note); and 
(3) the term ‘‘Secretary’’ means the Secretary of the 
Treasury. 
(b) STUDY.—Not later than 9 months after the date of enactment 
of this Act, the Secretary shall conduct and complete a study on 
the certification process. 
(c) REQUIRED CONTENT.—The study required under subsection 
(a) shall include an examination and analysis of— 
(1) the establishment of a reasonable timeline by which 
the Secretary must make an accurate determination on whether 
to certify an act as an act of terrorism; 
(2) the impact that the length of any timeline proposed 
to be established under paragraph (1) may have on the insur-
ance industry, policyholders, consumers, and taxpayers as a 
whole; 
(3) the factors the Secretary would evaluate and monitor 
during the certification process, including the ability of the 
Secretary to obtain the required information regarding the 
amount of projected and incurred losses resulting from an act 
which the Secretary would need in determining whether to 
certify the act as an act of terrorism; 
(4) the appropriateness, efficiency, and effectiveness of the 
consultation process required under section 102(1)(A) of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
and any recommendations on changes to the consultation 
process; and 
(5) the ability of the Secretary to provide guidance and 
updates to the public regarding any act that may reasonably 
be certified as an act of terrorism. 
(d) REPORT.—Upon completion of the study required under 
subsection (a), the Secretary shall submit a report on the results 
of such study to the Committee on Banking, Housing, and Urban 
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129 STAT. 8 
PUBLIC LAW 114–1—JAN. 12, 2015 
Affairs of the Senate and the Committee on Financial Services 
of the House of Representatives. 
(e) RULEMAKING.—Section 102(1) of the Terrorism Risk Insur-
ance Act of 2002 (15 U.S.C. 6701 note) is amended— 
(1) by redesignating subparagraph (D) as subparagraph 
(E); and 
(2) by inserting after subparagraph (C) the following: 
‘‘(D) TIMING
OF
CERTIFICATION.—Not later than 9 
months after the report required under section 107 of the 
Terrorism Risk Insurance Program Reauthorization Act of 
2015 is submitted to the appropriate committees of Con-
gress, the Secretary shall issue final rules governing the 
certification process, including establishing a timeline for 
which an act is eligible for certification by the Secretary 
on whether an act is an act of terrorism under this para-
graph.’’. 
SEC. 108. GAO STUDY. 
(a) STUDY.—Not later than 2 years after the date of enactment 
of this Act, the Comptroller General of the United States shall 
complete a study on the viability and effects of the Federal Govern-
ment— 
(1) assessing and collecting upfront premiums on insurers 
that participate in the Terrorism Insurance Program estab-
lished under the Terrorism Risk Insurance Act of 2002 (15 
U.S.C. 6701 note) (hereafter in this section referred to as the 
‘‘Program’’), which shall include a comparison of practices in 
international markets to assess and collect premiums either 
before or after terrorism losses are incurred; and 
(2) creating a capital reserve fund under the Program and 
requiring insurers participating in the Program to dedicate 
capital specifically for terrorism losses before such losses are 
incurred, which shall include a comparison of practices in inter-
national markets to establish reserve funds. 
(b) REQUIRED CONTENT.—The study required under subsection 
(a) shall examine, but shall not be limited to, the following issues: 
(1) UPFRONT PREMIUMS.—With respect to upfront premiums 
described in subsection (a)(1)— 
(A) how the Federal Government could determine the 
price of such upfront premiums on insurers that participate 
in the Program; 
(B) how the Federal Government could collect and 
manage such upfront premiums; 
(C) how the Federal Government could ensure that 
such upfront premiums are not spent for purposes other 
than claims through the Program; 
(D) how the assessment and collection of such upfront 
premiums could affect take-up rates for terrorism risk cov-
erage in different regions and industries and how it could 
impact small businesses and consumers in both metropoli-
tan and non-metropolitan areas; 
(E) the effect of collecting such upfront premiums on 
insurers both large and small; 
(F) the effect of collecting such upfront premiums on 
the private market for terrorism risk reinsurance; and 
(G) the size of any Federal Government subsidy 
insurers may receive through their participation in the 
Assessment. 
Deadline. 
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129 STAT. 9 
PUBLIC LAW 114–1—JAN. 12, 2015 
Program, taking into account the Program’s current post- 
event recoupment structure. 
(2) CAPITAL RESERVE FUND.—With respect to the capital 
reserve fund described in subsection (a)(2)— 
(A) how the creation of a capital reserve fund would 
affect the Federal Government’s fiscal exposure under the 
Terrorism Risk Insurance Program and the ability of the 
Program to meet its statutory purposes; 
(B) how a capital reserve fund would impact insurers 
and reinsurers, including liquidity, insurance pricing, and 
capacity to provide terrorism risk coverage; 
(C) the feasibility of segregating funds attributable 
to terrorism risk from funds attributable to other insurance 
lines; 
(D) how a capital reserve fund would be viewed and 
treated under current Financial Accounting Standards 
Board accounting rules and the tax laws; and 
(E) how a capital reserve fund would affect the States’ 
ability to regulate insurers participating in the Program. 
(3) INTERNATIONAL
PRACTICES.—With respect to inter-
national markets referred to in paragraphs (1) and (2) of sub-
section (a), how other countries, if any— 
(A) have established terrorism insurance structures; 
(B) charge premiums or otherwise collect funds to pay 
for the costs of terrorism insurance structures, including 
risk and administrative costs; and 
(C) have established capital reserve funds to pay for 
the costs of terrorism insurance structures. 
(c) REPORT.—Upon completion of the study required under sub-
section (a), the Comptroller General shall submit a report on the 
results of such study to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on Financial Serv-
ices of the House of Representatives. 
(d) PUBLIC AVAILABILITY.—The study and report required under 
this section shall be made available to the public in electronic 
form and shall be published on the website of the Government 
Accountability Office. 
SEC. 109. MEMBERSHIP OF BOARD OF GOVERNORS OF THE FEDERAL 
RESERVE SYSTEM. 
(a) IN GENERAL.—The first undesignated paragraph of section 
10 of the Federal Reserve Act (12 U.S.C. 241) is amended by 
inserting after the second sentence the following: ‘‘In selecting mem-
bers of the Board, the President shall appoint at least 1 member 
with demonstrated primary experience working in or supervising 
community banks having less than $10,000,000,000 in total assets.’’. 
(b) EFFECTIVE DATE.—The amendment made by this section 
shall take effect on the date of enactment of this Act and apply 
to appointments made on and after that effective date, excluding 
any nomination pending in the Senate on that date. 
SEC. 110. ADVISORY COMMITTEE ON RISK-SHARING MECHANISMS. 
(a) FINDING; RULE OF CONSTRUCTION.— 
(1) FINDING.—Congress finds that it is desirable to encour-
age the growth of nongovernmental, private market reinsurance 
capacity for protection against losses arising from acts of ter-
rorism. 
15 USC 6701 
note. 
Applicability. 
12 USC 241 note. 
President. 
Appointment. 
Web posting. 
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129 STAT. 10 
PUBLIC LAW 114–1—JAN. 12, 2015 
(2) RULE
OF
CONSTRUCTION.—Nothing in this Act, any 
amendment made by this Act, or the Terrorism Risk Insurance 
Act of 2002 (15 U.S.C. 6701 note) shall prohibit insurers from 
developing risk-sharing mechanisms to voluntarily reinsure ter-
rorism losses between and among themselves. 
(b) ADVISORY COMMITTEE ON RISK-SHARING MECHANISMS.— 
(1) ESTABLISHMENT.—The Secretary of the Treasury shall 
establish and appoint an advisory committee to be known as 
the ‘‘Advisory Committee on Risk-Sharing Mechanisms’’ 
(referred to in this subsection as the ‘‘Advisory Committee’’). 
(2) DUTIES.—The Advisory Committee shall provide advice, 
recommendations, and encouragement with respect to the cre-
ation and development of the nongovernmental risk-sharing 
mechanisms described under subsection (a). 
(3) MEMBERSHIP.—The Advisory Committee shall be com-
posed of 9 members who are directors, officers, or other 
employees of insurers, reinsurers, or capital market partici-
pants that are participating or that desire to participate in 
the nongovernmental risk-sharing mechanisms described under 
subsection (a), and who are representative of the affected sec-
tors of the insurance industry, including commercial property 
insurance, commercial casualty insurance, reinsurance, and 
alternative risk transfer industries. 
SEC. 111. REPORTING OF TERRORISM INSURANCE DATA. 
Section 104 (15 U.S.C. 6701 note) is amended by adding at 
the end the following new subsection: 
‘‘(h) REPORTING OF TERRORISM INSURANCE DATA.— 
‘‘(1) AUTHORITY.—During the calendar year beginning on 
January 1, 2016, and in each calendar year thereafter, the 
Secretary shall require insurers participating in the Program 
to submit to the Secretary such information regarding insurance 
coverage for terrorism losses of such insurers as the Secretary 
considers appropriate to analyze the effectiveness of the Pro-
gram, which shall include information 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 ter-
rorism 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 Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate that includes— 
‘‘(A) an analysis of the overall effectiveness of the Pro-
gram; 
‘‘(B) an evaluation of any changes or trends in the 
data collected under paragraph (1); 
‘‘(C) an evaluation of whether any aspects of the Pro-
gram have the effect of discouraging or impeding insurers 
from providing commercial property casualty insurance cov-
erage or coverage for acts of terrorism; 
Time period. 
Effective date. 
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129 STAT. 11 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(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 Sec-
retary shall contract with an insurance 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 collecting any data 
or information under paragraph (1) from an insurer, or affiliate 
of an insurer, the Secretary shall coordinate with the appro-
priate State insurance regulatory authorities and any relevant 
government agency or publicly available sources to determine 
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 Secretary 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 Secretary 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 Sec-
retary and the sharing 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 otherwise subject. 
‘‘(B) CONTINUED
APPLICATION
OF
PRIOR
CONFIDEN-
TIALITY AGREEMENTS.—Any requirement under Federal or 
State law to the extent otherwise applicable, or any require-
ment pursuant 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 information 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 pro-
vided pursuant to this subsection. 
‘‘(C) INFORMATION-SHARING AGREEMENT.—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 informa-
tion-sharing agreement that— 
‘‘(i) shall comply with applicable Federal law; and 
‘‘(ii) shall not constitute a waiver of, or otherwise 
affect, any privilege under Federal or State law 
(including any privilege referred to in subparagraph 
Compliance. 
Determinations. 
Contracts. 
Confidentiality. 
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129 STAT. 12 
PUBLIC LAW 114–1—JAN. 12, 2015 
(A) and the rules of any Federal or State court) to 
which the data or information is otherwise subject. 
‘‘(D) AGENCY DISCLOSURE REQUIREMENTS.—Section 552 
of title 5, United States Code, including any exceptions 
thereunder, shall apply to any data or information sub-
mitted under this subsection to the Secretary by an insurer 
or affiliate of an insurer.’’. 
SEC. 112. ANNUAL STUDY OF SMALL INSURER MARKET COMPETITIVE-
NESS. 
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 COMPETITIVENESS.— 
‘‘(1) IN GENERAL.—Not later than June 30, 2017, and every 
other June 30 thereafter, the Secretary shall conduct a study 
of small insurers (as such term is defined by regulation by 
the Secretary) participating in the Program, and identify any 
competitive challenges small insurers face in the terrorism 
risk insurance marketplace, including— 
‘‘(A) changes to the market share, premium volume, 
and policyholder surplus of small insurers relative to large 
insurers; 
‘‘(B) how the property and casualty insurance 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 mandatory 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 reinsurance 
for small insurers; and 
‘‘(F) the impact that State workers compensation 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).’’. 
TITLE II—NATIONAL ASSOCIATION OF 
REGISTERED AGENTS AND BROKERS 
REFORM 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘National Association of Reg-
istered Agents and Brokers Reform Act of 2015’’. 
SEC. 202. REESTABLISHMENT OF THE NATIONAL ASSOCIATION OF 
REGISTERED AGENTS AND BROKERS. 
(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: 
15 USC 6701 
note. 
National 
Association of 
Registered 
Agents and 
Brokers Reform 
Act of 2015. 
Applicability. 
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129 STAT. 13 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘Subtitle C—National Association of 
Registered Agents and Brokers 
‘‘SEC. 321. NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BRO-
KERS. 
‘‘(a) ESTABLISHMENT.—There is established the National 
Association of Registered Agents and Brokers (referred 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; 
‘‘(3) be an independent organization that may not be 
merged with or into any other private or public entity; and 
‘‘(4) except as otherwise provided in this subtitle, be subject 
to, and have all the powers conferred upon, a nonprofit corpora-
tion by the District of Columbia 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 education, and other non-
resident insurance producer qualification requirements and condi-
tions 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 appoint-
ment 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 loss of insurance pro-
ducer licensing revenue to the State; and 
‘‘(5) prescribing and enforcing laws and regulations regu-
lating the conduct of resident and nonresident insurance pro-
ducers. 
‘‘SEC. 323. MEMBERSHIP. 
‘‘(a) ELIGIBILITY.— 
‘‘(1) IN GENERAL.—Any insurance producer licensed 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
REVOCATION
OF 
LICENSE.—Subject to paragraph (3), an insurance producer is 
not eligible to become a member of the Association if a State 
insurance regulator 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 termi-
nates or vacates the suspension or revocation; or 
15 USC 6753. 
15 USC 6752. 
15 USC 6751. 
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129 STAT. 14 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(B) the suspension or revocation expires or is subse-
quently overturned by a court of competent jurisdiction. 
‘‘(4) CRIMINAL HISTORY RECORD CHECK REQUIRED.— 
‘‘(A) IN GENERAL.—An insurance producer who is an 
individual shall not be eligible to become a member of 
the Association unless the insurance producer has under-
gone a criminal history record check that complies with 
regulations 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 during the 2-year period preceding the date of 
submission of an application to become a member of the 
Association, in compliance with a requirement 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 subpara-
graph (A). 
‘‘(C) CRIMINAL HISTORY RECORD CHECK REQUESTED BY 
ASSOCIATION.— 
‘‘(i) IN
GENERAL.—The Association shall, upon 
request by an insurance producer licensed in a State, 
submit fingerprints 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 directors of the 
Association (referred to in this subtitle as the ‘Board’) 
shall prescribe procedures for obtaining and utilizing 
fingerprints or other identification information and 
criminal history record information, including the 
establishment of reasonable fees to defray the expenses 
of the Association in connection with the performance 
of a criminal history record check and appropriate 
safeguards for maintaining confidentiality and security 
of the information. Any fees charged pursuant to this 
clause shall be separate and distinct from those 
charged by the Attorney General pursuant to subpara-
graph (I). 
‘‘(D) FORM OF REQUEST.—A submission under subpara-
graph (C)(i) shall include such fingerprints or other identi-
fication information as is required by the Attorney General 
concerning the person about whom the criminal history 
record check is requested, and a statement signed by the 
person authorizing the Attorney General to provide the 
information to the Association and for the Association to 
receive the information. 
‘‘(E) PROVISION
OF
INFORMATION
BY
ATTORNEY
GEN-
ERAL.—Upon receiving a submission under subparagraph 
(C)(i) from the Association, the Attorney General shall 
search all criminal history records of the Federal Bureau 
of Investigation, including records of the Criminal Justice 
Information Services Division of the Federal Bureau of 
Investigation, that the Attorney General determines appro-
priate for criminal history records corresponding to the 
fingerprints or other identification information provided 
Time period. 
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129 STAT. 15 
PUBLIC LAW 114–1—JAN. 12, 2015 
under subparagraph (D) and provide all criminal history 
record information included in the request to the Associa-
tion. 
‘‘(F) LIMITATION
ON
PERMISSIBLE
USES
OF
INFORMA-
TION.—Any information provided to the Association under 
subparagraph (E) may only— 
‘‘(i) be used for purposes of determining compliance 
with membership criteria established by the Associa-
tion; 
‘‘(ii) be disclosed to State insurance regulators, 
or Federal or State law enforcement agencies, in 
conformance with applicable law; or 
‘‘(iii) be disclosed, upon request, to the insurance 
producer to whom the criminal history record informa-
tion relates. 
‘‘(G) PENALTY
FOR
IMPROPER
USE
OR
DISCLOSURE.— 
Whoever knowingly uses any information provided under 
subparagraph (E) for a purpose not authorized in subpara-
graph (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. 
‘‘(H) RELIANCE ON INFORMATION.—Neither the Associa-
tion nor any of its Board members, officers, or employees 
shall be liable in any action for using information provided 
under subparagraph (E) as permitted under subparagraph 
(F) in good faith and in reasonable reliance on its accuracy. 
‘‘(I) FEES.—The Attorney General may charge a reason-
able 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 para-
graph shall be construed as— 
‘‘(i) requiring a State insurance regulator to per-
form criminal history record checks under this section; 
or 
‘‘(ii) limiting any other authority that allows access 
to criminal history records. 
‘‘(K) REGULATIONS.—The Attorney General shall pre-
scribe regulations to carry out this paragraph, which shall 
include— 
‘‘(i) appropriate protections for ensuring the con-
fidentiality of information provided under subpara-
graph (E); and 
‘‘(ii) procedures providing a reasonable opportunity 
for an insurance producer to contest the accuracy of 
information regarding the insurance producer provided 
under subparagraph (E). 
‘‘(L) INELIGIBILITY FOR MEMBERSHIP.— 
‘‘(i) IN
GENERAL.—The Association may, under 
reasonably consistently applied standards, deny mem-
bership to an insurance producer on the basis of 
criminal history record information provided under 
subparagraph (E), or where the insurance producer 
has been subject to disciplinary action, as described 
in paragraph (2). 
Procedures. 
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129 STAT. 16 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(ii) RIGHTS OF APPLICANTS DENIED MEMBERSHIP.— 
The Association shall notify any insurance producer 
who is denied membership on the basis of criminal 
history record information provided under subpara-
graph (E) of the right of the insurance producer to— 
‘‘(I) obtain a copy of all criminal history record 
information provided to the Association under 
subparagraph (E) with respect to the insurance 
producer; and 
‘‘(II) challenge the denial of membership based 
on the accuracy and completeness of the informa-
tion. 
‘‘(M) DEFINITION.—For purposes of this paragraph, the 
term ‘criminal history record check’ means a national back-
ground check of criminal history records of the Federal 
Bureau of Investigation. 
‘‘(b) AUTHORITY TO ESTABLISH MEMBERSHIP CRITERIA.—The 
Association may establish membership criteria that bear a reason-
able relationship to the purposes for which the Association was 
established. 
‘‘(c) ESTABLISHMENT OF CLASSES AND CATEGORIES OF MEMBER-
SHIP.— 
‘‘(1) CLASSES OF MEMBERSHIP.—The Association may estab-
lish separate classes of membership, with separate criteria, 
if the Association reasonably determines that performance of 
different duties requires different levels of education, training, 
experience, or other qualifications. 
‘‘(2) BUSINESS ENTITIES.—The Association shall establish 
a class of membership and membership criteria for business 
entities. A business entity that applies for membership shall 
be required to designate an individual Association member 
responsible for the compliance of the business entity with 
Association standards and the insurance laws, standards, and 
regulations of any State in which the business entity seeks 
to do business on the basis of Association membership. 
‘‘(3) CATEGORIES.— 
‘‘(A) SEPARATE CATEGORIES FOR INSURANCE PRODUCERS 
PERMITTED.—The Association may establish separate cat-
egories of membership 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 DEPOSITORY INSTITU-
TIONS PROHIBITED.—No special categories of membership, 
and no distinct membership criteria, shall be established 
for members that are depository institutions or for 
employees, agents, or affiliates of depository institutions. 
‘‘(d) MEMBERSHIP CRITERIA.— 
‘‘(1) IN GENERAL.—The Association may establish criteria 
for membership which shall include standards for personal 
qualifications, education, training, and experience. The Associa-
tion shall not establish criteria that unfairly limit the ability 
of a small insurance producer to become a member of the 
Association, including imposing discriminatory membership 
fees. 
‘‘(2) QUALIFICATIONS.—In establishing criteria under para-
graph (1), the Association shall not adopt any qualification 
less protective to the public than that contained in the National 
Notification. 
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129 STAT. 17 
PUBLIC LAW 114–1—JAN. 12, 2015 
Association of Insurance Commissioners (referred to in this 
subtitle as the ‘NAIC’) Producer Licensing Model Act in effect 
as of the date of enactment of the National Association of 
Registered Agents and Brokers Reform Act of 2015, and shall 
consider the highest levels of insurance 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 investigating and evaluating the 
eligibility of a prospective member for membership in the 
Association. 
‘‘(B) AUTHORIZATION
OF
INFORMATION
SHARING.—A 
submission under subsection (a)(4)(C)(i) made by an insur-
ance producer licensed 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 information. 
‘‘(C) RULE OF CONSTRUCTION.—Subparagraph (A) shall 
not be construed as requiring or authorizing any State 
to adopt new or additional requirements concerning the 
licensing or evaluation of insurance producers. 
‘‘(4) DENIAL OF MEMBERSHIP.—The Association may, based 
on reasonably consistently applied standards, deny membership 
to any State-licensed insurance producer for failure to meet 
the membership criteria established by the Association. 
‘‘(e) EFFECT OF MEMBERSHIP.— 
‘‘(1) AUTHORITY
OF
ASSOCIATION
MEMBERS.—Membership 
in the Association shall— 
‘‘(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 insurance producer, and exercise all such incidental 
powers as shall be necessary to carry out such activities, 
including claims adjustments and settlement to the extent 
permissible under the laws of the State, risk management, 
employee benefits advice, retirement planning, and any 
other insurance-related consulting activities; 
‘‘(B) be the equivalent of a nonresident insurance pro-
ducer license for purposes of authorizing the insurance 
producer to engage in the activities described in subpara-
graph (A) in any State where the member pays the licensing 
fee; and 
‘‘(C) be the equivalent of a nonresident insurance pro-
ducer license for the purpose of subjecting an insurance 
producer to all laws, regulations, provisions or other action 
of any State concerning revocation, suspension, or other 
enforcement action related to the ability of a member to 
engage in any activity within the 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 ENFORCEMENT 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. 
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129 STAT. 18 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(3) AGENT FOR REMITTING FEES.—The Association 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 insur-
ance 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 disclose 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 authorized 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 PROTECTION AND MARKET 
CONDUCT REGULATION.— 
‘‘(A) IN GENERAL.—No provision of this section shall 
be construed as altering or affecting the applicability or 
continuing effectiveness of any law, regulation, provision, 
or other action of any State, including those described 
in subparagraph (B), to the extent that the State law, 
regulation, provision, or other action is not inconsistent 
with the provisions of this subtitle related to market entry 
for nonresident insurance producers, and then only to the 
extent of the inconsistency. 
‘‘(B) PRESERVED REGULATIONS.—The laws, regulations, 
provisions, or other actions of any State referred to in 
subparagraph (A) include laws, regulations, provisions, or 
other actions that— 
‘‘(i) regulate market conduct, insurance 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 Association shall 
be renewed on a biennial basis. 
‘‘(g) CONTINUING EDUCATION.— 
‘‘(1) IN GENERAL.—The Association shall establish, as a 
condition of membership, continuing education requirements 
which shall be comparable to the continuing education require-
ments under the licensing laws of a majority of the States. 
‘‘(2) STATE
CONTINUING
EDUCATION
REQUIREMENTS.—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 requirements that are 
equivalent to any continuing education requirements of the 
Deadline. 
State and local 
governments. 
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129 STAT. 19 
PUBLIC LAW 114–1—JAN. 12, 2015 
home State of the member that have been satisfied by the 
member during the applicable licensing period. 
‘‘(4) LIMITATION
ON
THE
ASSOCIATION.—The Association 
shall not directly or indirectly offer any continuing education 
courses for insurance producers. 
‘‘(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 Association, or assess monetary fines or pen-
alties, 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 subject to discipli-
nary action pursuant to a final adjudicatory proceeding 
under the jurisdiction of a State insurance regulator; 
‘‘(C) an insurance license held by the insurance pro-
ducer has been suspended or revoked by a State insurance 
regulator; or 
‘‘(D) the insurance producer has been convicted of a 
crime that would have resulted in the denial of membership 
pursuant to subsection (a)(4)(L)(i) at the time of application, 
and the Association has received a copy of the final disposi-
tion from a court of competent jurisdiction. 
‘‘(2) VIOLATIONS OF ASSOCIATION STANDARDS.—The Associa-
tion shall have the power to investigate alleged violations of 
Association standards. 
‘‘(3) REPORTING.—The Association shall immediately notify 
the States (including State insurance regulators) and the NAIC 
when the membership of an insurance producer has been placed 
on probation or has been suspended, revoked, or otherwise 
terminated, or when the Association has assessed monetary 
fines or penalties. 
‘‘(i) CONSUMER COMPLAINTS.— 
‘‘(1) IN GENERAL.—The Association shall— 
‘‘(A) refer any complaint against a member of the 
Association from a consumer relating to alleged misconduct 
or violations of State insurance laws to the State insurance 
regulator where the consumer resides and, when appro-
priate, to any additional State insurance regulator, as 
determined by standards adopted by the Association; and 
‘‘(B) make any related records and information avail-
able to each State insurance regulator to whom the com-
plaint is forwarded. 
‘‘(2) TELEPHONE AND OTHER ACCESS.—The Association shall 
maintain a toll-free number for purposes of this subsection 
and, as practicable, other alternative means of communication 
with consumers, such as an Internet webpage. 
‘‘(3) FINAL DISPOSITION OF INVESTIGATION.—State insurance 
regulators shall provide the Association with information 
regarding the final disposition of a complaint referred pursuant 
to paragraph (1)(A), but nothing shall be construed to compel 
a State to release confidential investigation reports or other 
information protected by State law to the Association. 
‘‘(j) INFORMATION SHARING.—The Association may— 
Notification. 
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129 STAT. 20 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(1) share documents, materials, or other information, 
including confidential and privileged documents, with a State, 
Federal, or international governmental entity or with the NAIC 
or other appropriate entity referred to paragraphs (3) and (4), 
provided that the recipient has the authority and agrees to 
maintain the confidentiality or privileged status of the docu-
ment, material, or other information; 
‘‘(2) limit the sharing of information as required under 
this subtitle with the NAIC or any other non-governmental 
entity, in circumstances under which the Association deter-
mines that the sharing of such information is unnecessary 
to further the purposes of this subtitle; 
‘‘(3) establish a central clearinghouse, or utilize the NAIC 
or another appropriate entity, as determined by the Association, 
as a central clearinghouse, for use by the Association and 
the States (including State insurance regulators), through 
which members of the Association may disclose their intent 
to operate in 1 or more States and pay the licensing fees 
to the appropriate States; and 
‘‘(4) establish a database, or utilize the NAIC or another 
appropriate entity, as determined by the Association, as a data-
base, for use by the Association and the States (including 
State insurance regulators) for the collection of regulatory 
information concerning the activities of insurance producers. 
‘‘(k) EFFECTIVE DATE.—The provisions of this section shall take 
effect on the later of— 
‘‘(1) the expiration of the 2-year period beginning on the 
date of enactment of the National Association of Registered 
Agents and Brokers Reform Act of 2015; and 
‘‘(2) the date of incorporation of the Association. 
‘‘SEC. 324. BOARD OF DIRECTORS. 
‘‘(a) ESTABLISHMENT.—There is established a board of directors 
of the Association, which shall have authority to govern and super-
vise all activities of the Association. 
‘‘(b) POWERS.—The Board shall have such of the powers and 
authority of the Association as may be specified in the bylaws 
of the Association. 
‘‘(c) COMPOSITION.— 
‘‘(1) IN GENERAL.—The Board shall consist of 13 members 
who shall be appointed by the President, by and with the 
advice and consent of the Senate, in accordance with the proce-
dures established under Senate Resolution 116 of the 112th 
Congress, of whom— 
‘‘(A) 8 shall be State insurance commissioners 
appointed in the manner provided in paragraph (2), 1 of 
whom shall be designated by the President to serve as 
the chairperson of the Board until the Board elects one 
such State insurance commissioner Board member to serve 
as the chairperson of the Board; 
‘‘(B) 3 shall have demonstrated expertise and experi-
ence with property and casualty insurance producer 
licensing; and 
‘‘(C) 2 shall have demonstrated expertise and experi-
ence with life or health insurance producer licensing. 
‘‘(2) STATE INSURANCE REGULATOR REPRESENTATIVES.— 
President. 
Appointments. 
15 USC 6754. 
Time period. 
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129 STAT. 21 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(A) RECOMMENDATIONS.—Before making any appoint-
ments pursuant to paragraph (1)(A), the President shall 
request a list of recommended candidates from the States 
through the NAIC, which shall not be binding on the Presi-
dent. If the NAIC fails to submit a list of recommendations 
not later than 15 business days after the date of the 
request, the President may make the requisite appoint-
ments without considering the views of the NAIC. 
‘‘(B) POLITICAL AFFILIATION.—Not more than 4 Board 
members appointed under paragraph (1)(A) shall belong 
to the same political party. 
‘‘(C) FORMER STATE INSURANCE COMMISSIONERS.— 
‘‘(i) IN GENERAL.—If, after offering each currently 
serving State insurance commissioner an appointment 
to the Board, fewer than 8 State insurance commis-
sioners have accepted appointment to the Board, the 
President may appoint the remaining State insurance 
commissioner Board members, as required under para-
graph (1)(A), of the appropriate political party as 
required under subparagraph (B), from among individ-
uals who are former State insurance commissioners. 
‘‘(ii) 
LIMITATION.—A 
former 
State 
insurance 
commissioner appointed as described in clause (i) may 
not be employed by or have any present direct or 
indirect financial interest in any insurer, insurance 
producer, or other entity in the insurance industry, 
other than direct or indirect ownership of, or beneficial 
interest in, an insurance policy or annuity contract 
written or sold by an insurer. 
‘‘(D) SERVICE
THROUGH
TERM.—If a Board member 
appointed under paragraph (1)(A) ceases to be a State 
insurance commissioner during the term of the Board 
member, the Board member shall cease to be a Board 
member. 
‘‘(3) PRIVATE
SECTOR
REPRESENTATIVES.—In making any 
appointment pursuant to subparagraph (B) or (C) of paragraph 
(1), the President may seek recommendations for candidates 
from groups representing the category of individuals described, 
which shall not be binding on the President. 
‘‘(4) STATE INSURANCE COMMISSIONER DEFINED.—For pur-
poses of this subsection, the term ‘State insurance commis-
sioner’ means a person who serves in the position in State 
government, or on the board, commission, or other body that 
is the primary insurance regulatory authority for the State. 
‘‘(d) TERMS.— 
‘‘(1) IN
GENERAL.—Except as provided under paragraph 
(2), the term of service for each Board member shall be 2 
years. 
‘‘(2) EXCEPTIONS.— 
‘‘(A) 1-YEAR TERMS.—The term of service shall be 1 
year, as designated by the President at the time of the 
nomination of the subject Board members for— 
‘‘(i) 4 of the State insurance commissioner Board 
members initially appointed under paragraph (1)(A), 
of whom not more than 2 shall belong to the same 
political party; 
President. 
Deadline. 
President. 
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129 STAT. 22 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(ii) 1 of the Board members initially appointed 
under paragraph (1)(B); and 
‘‘(iii) 1 of the Board members initially appointed 
under paragraph (1)(C). 
‘‘(B) EXPIRATION OF TERM.—A Board member may con-
tinue to serve after the expiration of the term to which 
the Board member was appointed for the earlier of 2 years 
or until a successor is appointed. 
‘‘(C) MID-TERM
APPOINTMENTS.—A Board member 
appointed to fill a vacancy occurring before the expiration 
of the term for which the predecessor of the Board member 
was appointed shall be appointed only for the remainder 
of that term. 
‘‘(3) SUCCESSIVE
TERMS.—Board members may be re-
appointed to successive terms. 
‘‘(e) INITIAL APPOINTMENTS.—The appointment of initial Board 
members shall be made no later than 90 days after the date of 
enactment of the National Association of Registered Agents and 
Brokers Reform Act of 2015. 
‘‘(f) MEETINGS.— 
‘‘(1) IN GENERAL.—The Board shall meet— 
‘‘(A) at the call of the chairperson; 
‘‘(B) as requested in writing to the chairperson by 
not fewer than 5 Board members; or 
‘‘(C) as otherwise provided by the bylaws of the Associa-
tion. 
‘‘(2) QUORUM REQUIRED.—A majority of all Board members 
shall constitute a quorum. 
‘‘(3) VOTING.—Decisions of the Board shall require the 
approval of a majority of all Board members present at a 
meeting, a quorum being present. 
‘‘(4) INITIAL
MEETING.—The Board shall hold its first 
meeting not later than 45 days after the date on which all 
initial Board members have been appointed. 
‘‘(g) RESTRICTION
ON
CONFIDENTIAL
INFORMATION.—Board 
members appointed pursuant to subparagraphs (B) and (C) of sub-
section (c)(1) shall not have access to confidential information 
received by the Association in connection with complaints, investiga-
tions, or disciplinary proceedings involving insurance producers. 
‘‘(h) ETHICS AND CONFLICTS OF INTEREST.—The Board shall 
issue and enforce an ethical conduct code to address permissible 
and prohibited activities of Board members and Association officers, 
employees, agents, or consultants. The code shall, at a minimum, 
include provisions that prohibit any Board member or Association 
officer, employee, agent or consultant from— 
‘‘(1) engaging in unethical conduct in the course of per-
forming Association duties; 
‘‘(2) participating in the making or influencing the making 
of any Association decision, the outcome of which the Board 
member, officer, employee, agent, or consultant knows or had 
reason to know would have a reasonably foreseeable material 
financial effect, distinguishable from its effect on the public 
generally, on the person or a member of the immediate family 
of the person; 
‘‘(3) accepting any gift from any person or entity other 
than the Association that is given because of the position held 
by the person in the Association; 
Deadline. 
Notification. 
Deadline. 
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129 STAT. 23 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(4) making political contributions to any person or entity 
on behalf of the Association; and 
‘‘(5) lobbying or paying a person to lobby on behalf of 
the Association. 
‘‘(i) COMPENSATION.— 
‘‘(1) IN GENERAL.—Except as provided in paragraph (2), 
no Board member may receive any compensation from the 
Association or any other person or entity on account of Board 
membership. 
‘‘(2) TRAVEL EXPENSES AND PER DIEM.—Board members may 
be reimbursed only by the Association for travel expenses, 
including per diem in lieu of subsistence, at rates consistent 
with rates authorized for employees of Federal agencies under 
subchapter I of chapter 57 of title 5, United States Code, 
while away from home or regular places of business in perform-
ance of services for the Association. 
‘‘SEC. 325. BYLAWS, STANDARDS, AND DISCIPLINARY ACTIONS. 
‘‘(a) ADOPTION AND AMENDMENT OF BYLAWS AND STANDARDS.— 
‘‘(1) PROCEDURES.—The Association shall adopt procedures 
for the adoption of bylaws and standards that are similar 
to procedures under subchapter II of chapter 5 of title 5, United 
States Code (commonly known as the ‘Administrative Procedure 
Act’). 
‘‘(2) COPY REQUIRED TO BE FILED.—The Board shall submit 
to the President, through the Department of the Treasury, 
and the States (including State insurance regulators), and shall 
publish on the website of the Association, all proposed bylaws 
and standards of the Association, or any proposed amendment 
to the bylaws or standards of the Association, accompanied 
by a concise general statement of the basis and purpose of 
such proposal. 
‘‘(3) EFFECTIVE
DATE.—Any proposed bylaw or standard 
of the Association, and any proposed amendment to the bylaws 
or standards of the Association, shall take effect, after notice 
under paragraph (2) and opportunity for public comment, on 
such date as the Association may designate, unless suspended 
under section 329(c). 
‘‘(4) RULE OF CONSTRUCTION.—Nothing in this section shall 
be construed to subject the Board or the Association to the 
requirements of subchapter II of chapter 5 of title 5, United 
States Code (commonly known as the ‘Administrative Procedure 
Act’). 
‘‘(b) DISCIPLINARY ACTION BY THE ASSOCIATION.— 
‘‘(1) SPECIFICATION
OF
CHARGES.—In any proceeding to 
determine whether membership shall be denied, suspended, 
revoked, or not renewed, or to determine whether a member 
of the Association should be placed on probation (referred to 
in this section as a ‘disciplinary action’) or whether to assess 
fines or monetary penalties, the Association shall bring specific 
charges, notify the member of the charges, give the member 
an opportunity to defend against the charges, and keep a record. 
‘‘(2) SUPPORTING STATEMENT.—A determination to take dis-
ciplinary action shall be supported by a statement setting 
forth— 
‘‘(A) any act or practice in which the member has 
been found to have been engaged; 
Determination. 
Notification. 
Records. 
Web posting. 
15 USC 6755. 
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129 STAT. 24 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(B) the specific provision of this subtitle or standard 
of the Association that any such act or practice is deemed 
to violate; and 
‘‘(C) the sanction imposed and the reason for the sanc-
tion. 
‘‘(3) INELIGIBILITY OF PRIVATE SECTOR REPRESENTATIVES.— 
Board members appointed pursuant to section 324(c)(3) may 
not— 
‘‘(A) participate in any disciplinary action or be counted 
toward establishing a quorum during a disciplinary action; 
and 
‘‘(B) have access to confidential information concerning 
any disciplinary action. 
‘‘SEC. 326. POWERS. 
‘‘In addition to all the powers conferred upon a nonprofit cor-
poration by the District of Columbia Nonprofit Corporation Act, 
the Association shall have the power to— 
‘‘(1) establish and collect such membership fees as the 
Association finds necessary to impose to cover the costs of 
its operations; 
‘‘(2) adopt, amend, and repeal bylaws, procedures, or stand-
ards governing the conduct of Association business and perform-
ance of its duties; 
‘‘(3) establish procedures for providing notice and oppor-
tunity for comment pursuant to section 325(a); 
‘‘(4) enter into and perform such agreements as necessary 
to carry out the duties of the Association; 
‘‘(5) hire employees, professionals, or specialists, and elect 
or appoint officers, and to fix their compensation, define their 
duties and give them appropriate authority to carry out the 
purposes of this subtitle, and determine their qualification; 
‘‘(6) establish personnel policies of the Association and pro-
grams relating to, among other things, conflicts of interest, 
rates of compensation, where applicable, and qualifications of 
personnel; 
‘‘(7) borrow money; and 
‘‘(8) secure funding for such amounts as the Association 
determines to be necessary and appropriate to organize and 
begin operations of the Association, which shall be treated 
as loans to be repaid by the Association with interest at market 
rate. 
‘‘SEC. 327. REPORT BY THE ASSOCIATION. 
‘‘(a) IN GENERAL.—As soon as practicable after the close of 
each fiscal year, the Association shall submit to the President, 
through the Department of the Treasury, and the States (including 
State insurance regulators), and shall publish on the website of 
the Association, a written report regarding the conduct of its busi-
ness, and the exercise of the other rights and powers granted 
by this subtitle, during such fiscal year. 
‘‘(b) FINANCIAL STATEMENTS.—Each report submitted under 
subsection (a) with respect to any fiscal year shall include audited 
financial statements setting forth the financial position of the 
Association at the end of such fiscal year and the results of its 
operations (including the source and application of its funds) for 
such fiscal year. 
Web posting. 
15 USC 6757. 
15 USC 6756. 
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129 STAT. 25 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘SEC. 328. LIABILITY OF THE ASSOCIATION AND THE BOARD MEMBERS, 
OFFICERS, AND EMPLOYEES OF THE ASSOCIATION. 
‘‘(a) IN GENERAL.—The Association shall not be deemed to 
be an insurer or insurance producer within the meaning of any 
State law, rule, regulation, or order regulating or taxing insurers, 
insurance producers, or other entities engaged in the business of 
insurance, including provisions imposing premium taxes, regulating 
insurer solvency or financial condition, establishing guaranty funds 
and levying assessments, or requiring claims settlement practices. 
‘‘(b) 
LIABILITY
OF
BOARD
MEMBERS, 
OFFICERS, 
AND 
EMPLOYEES.—No Board member, officer, or employee of the Associa-
tion shall be personally liable to any person for any action taken 
or omitted in good faith in any matter within the scope of their 
responsibilities in connection with the Association. 
‘‘SEC. 329. PRESIDENTIAL OVERSIGHT. 
‘‘(a) REMOVAL
OF BOARD.—If the President determines that 
the Association is acting in a manner contrary to the interests 
of the public or the purposes of this subtitle or has failed to 
perform its duties under this subtitle, the President may remove 
the entire existing Board for the remainder of the term to which 
the Board members were appointed and appoint, in accordance 
with section 324 and with the advice and consent of the Senate, 
in accordance with the procedures established under Senate Resolu-
tion 116 of the 112th Congress, new Board members to fill the 
vacancies on the Board for the remainder of the terms. 
‘‘(b) REMOVAL OF BOARD MEMBER.—The President may remove 
a Board member only for neglect of duty or malfeasance in office. 
‘‘(c) SUSPENSION OF BYLAWS AND STANDARDS AND PROHIBITION 
OF ACTIONS.—Following notice to the Board, the President, or a 
person designated by the President for such purpose, may suspend 
the effectiveness of any bylaw or standard, or prohibit any action, 
of the Association that the President or the designee determines 
is contrary to the purposes of this subtitle. 
‘‘SEC. 330. RELATIONSHIP TO STATE LAW. 
‘‘(a) PREEMPTION
OF STATE LAWS.—State laws, regulations, 
provisions, or other actions purporting to regulate insurance pro-
ducers shall be preempted to the extent provided in subsection 
(b). 
‘‘(b) PROHIBITED ACTIONS.— 
‘‘(1) IN GENERAL.—No State shall— 
‘‘(A) impede the activities of, take any action against, 
or apply any provision of law or regulation arbitrarily 
or discriminatorily to, any insurance producer because that 
insurance producer or any affiliate plans to become, has 
applied to become, or is a member of the Association; 
‘‘(B) impose any requirement upon a member of the 
Association that it pay fees different from those required 
to be paid to that State were it not a member of the 
Association; or 
‘‘(C) impose any continuing education requirements on 
any nonresident insurance producer that is a member of 
the Association. 
‘‘(2) STATES OTHER THAN A HOME STATE.—No State, other 
than the home State of a member of the Association, shall— 
15 USC 6760. 
Notification. 
Determination. 
15 USC 6759. 
15 USC 6758. 
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129 STAT. 26 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘(A) impose any licensing, personal or corporate quali-
fications, education, training, experience, residency, con-
tinuing education, or bonding requirement upon a member 
of the Association that is different from the criteria for 
membership in the Association or renewal of such member-
ship; 
‘‘(B) impose any requirement upon a member of the 
Association that it be licensed, registered, or otherwise 
qualified to do business or remain in good standing in 
the State, including any requirement that the insurance 
producer register as a foreign company with the secretary 
of state or equivalent State official; 
‘‘(C) require that a member of the Association submit 
to a criminal history record check as a condition of doing 
business in the State; or 
‘‘(D) impose any licensing, registration, or appointment 
requirements upon a member of the Association, or require 
a member of the Association to be authorized to operate 
as an insurance producer, in order to sell, solicit, or nego-
tiate insurance for commercial property and casualty risks 
to an insured with risks located in more than one State, 
if the member is licensed or otherwise authorized to operate 
in the State where the insured maintains its principal 
place of business and the contract of insurance insures 
risks located in that State. 
‘‘(3) PRESERVATION OF STATE DISCIPLINARY AUTHORITY.— 
Nothing in this section may be construed to prohibit a State 
from investigating and taking appropriate disciplinary action, 
including suspension or revocation of authority of an insurance 
producer to do business in a State, in accordance with State 
law and that is not inconsistent with the provisions of this 
section, against a member of the Association as a result of 
a complaint or for any alleged activity, regardless of whether 
the activity occurred before or after the insurance producer 
commenced doing business in the State pursuant to Association 
membership. 
‘‘SEC. 331. COORDINATION WITH FINANCIAL INDUSTRY REGULATORY 
AUTHORITY. 
‘‘The Association shall coordinate with the Financial Industry 
Regulatory Authority in order to ease any administrative burdens 
that fall on members of the Association that are subject to regula-
tion by the Financial Industry Regulatory Authority, consistent 
with the requirements of this subtitle and the Federal securities 
laws. 
‘‘SEC. 332. RIGHT OF ACTION. 
‘‘(a) RIGHT OF ACTION.—Any person aggrieved by a decision 
or action of the Association may, after reasonably exhausting avail-
able avenues for resolution within the Association, commence a 
civil action in an appropriate United States district court, and 
obtain all appropriate relief. 
‘‘(b) ASSOCIATION INTERPRETATIONS.—In any action under sub-
section (a), the court shall give appropriate weight to the interpreta-
tion of the Association of its bylaws and standards and this subtitle. 
Courts. 
15 USC 6762. 
15 USC 6761. 
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129 STAT. 27 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘SEC. 333. FEDERAL FUNDING PROHIBITED. 
‘‘The Association may not receive, accept, or borrow any 
amounts from the Federal Government to pay for, or reimburse, 
the Association for, the costs of establishing or operating the 
Association. 
‘‘SEC. 334. DEFINITIONS. 
‘‘For purposes of this subtitle, the following definitions shall 
apply: 
‘‘(1) BUSINESS ENTITY.—The term ‘business entity’ means 
a corporation, association, partnership, limited liability com-
pany, limited liability partnership, or other legal entity. 
‘‘(2) 
DEPOSITORY
INSTITUTION.—The 
term 
‘depository 
institution’ has the meaning as in section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813). 
‘‘(3) HOME STATE.—The term ‘home State’ means the State 
in which the insurance producer maintains its principal place 
of residence or business and is licensed to act as an insurance 
producer. 
‘‘(4) INSURANCE.—The term ‘insurance’ means any product, 
other than title insurance or bail bonds, defined or regulated 
as insurance by the appropriate State insurance regulatory 
authority. 
‘‘(5) INSURANCE PRODUCER.—The term ‘insurance producer’ 
means any insurance agent or broker, excess or surplus lines 
broker or agent, insurance consultant, limited insurance rep-
resentative, and any other individual or entity that sells, 
solicits, or negotiates policies of insurance or offers advice, 
counsel, opinions or services related to insurance. 
‘‘(6) INSURER.—The term ‘insurer’ has the meaning as in 
section 313(e)(2)(B) of title 31, United States Code. 
‘‘(7) PRINCIPAL PLACE OF BUSINESS.—The term ‘principal 
place of business’ means the State in which an insurance pro-
ducer maintains the headquarters of the insurance producer 
and, in the case of a business entity, where high-level officers 
of the entity direct, control, and coordinate the business activi-
ties of the business entity. 
‘‘(8) PRINCIPAL PLACE OF RESIDENCE.—The term ‘principal 
place of residence’ means the State in which an insurance 
producer resides for the greatest number of days during a 
calendar year. 
‘‘(9) STATE.—The term ‘State’ includes any State, the Dis-
trict of Columbia, any territory of the United States, and Puerto 
Rico, Guam, American Samoa, the Trust Territory of the Pacific 
Islands, the Virgin Islands, and the Northern Mariana Islands. 
‘‘(10) STATE LAW.— 
‘‘(A) IN GENERAL.—The term ‘State law’ includes all 
laws, decisions, rules, regulations, or other State action 
having the effect of law, of any State. 
‘‘(B) LAWS APPLICABLE IN THE DISTRICT OF COLUMBIA.— 
A law of the United States applicable only to or within 
the District of Columbia shall be treated as a State law 
rather than a law of the United States.’’. 
(b) TECHNICAL AMENDMENT.—The table of contents for the 
Gramm-Leach-Bliley Act is amended by striking the items relating 
to subtitle C of title III and inserting the following new items: 
15 USC 6764. 
15 USC 6763. 
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129 STAT. 28 
PUBLIC LAW 114–1—JAN. 12, 2015 
‘‘Subtitle C—National Association of Registered Agents and Brokers 
‘‘Sec. 321. National Association of Registered Agents and Brokers. 
‘‘Sec. 322. Purpose. 
‘‘Sec. 323. Membership. 
‘‘Sec. 324. Board of directors. 
‘‘Sec. 325. Bylaws, standards, and disciplinary actions. 
‘‘Sec. 326. Powers. 
‘‘Sec. 327. Report by the Association. 
‘‘Sec. 328. Liability of the Association and the Board members, officers, and employ-
ees of the Association. 
‘‘Sec. 329. Presidential oversight. 
‘‘Sec. 330. Relationship to State law. 
‘‘Sec. 331. Coordination with financial industry regulatory authority. 
‘‘Sec. 332. Right of action. 
‘‘Sec. 333. Federal funding prohibited. 
‘‘Sec. 334. Definitions.’’. 
TITLE III—BUSINESS RISK MITIGATION 
AND PRICE STABILIZATION 
SEC. 301. SHORT TITLE. 
This title may be cited as the ‘‘Business Risk Mitigation and 
Price Stabilization Act of 2015’’. 
SEC. 302. MARGIN REQUIREMENTS. 
(a) COMMODITY EXCHANGE ACT AMENDMENT.—Section 4s(e) of 
the Commodity Exchange Act (7 U.S.C. 6s(e)), as added by section 
731 of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act, is amended by adding at the end the following new paragraph: 
‘‘(4) APPLICABILITY WITH RESPECT TO COUNTERPARTIES.— 
The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii), 
including the initial and variation margin requirements 
imposed by rules adopted pursuant to paragraphs (2)(A)(ii) 
and (2)(B)(ii), shall not apply to a swap in which a counterparty 
qualifies for an exception under section 2(h)(7)(A), or an exemp-
tion issued under section 4(c)(1) from the requirements of sec-
tion 2(h)(1)(A) for cooperative entities as defined in such exemp-
tion, or satisfies the criteria in section 2(h)(7)(D).’’. 
(b) SECURITIES EXCHANGE ACT AMENDMENT.—Section 15F(e) 
of the Securities Exchange Act of 1934 (15 U.S.C. 78o–10(e)), as 
added by section 764(a) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act, is amended by adding at the end 
the following new paragraph: 
‘‘(4) APPLICABILITY WITH RESPECT TO COUNTERPARTIES.— 
The requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall 
not apply to a security-based swap in which a counterparty 
qualifies for an exception under section 3C(g)(1) or satisfies 
the criteria in section 3C(g)(4).’’. 
SEC. 303. IMPLEMENTATION. 
The amendments made by this title to the Commodity Exchange 
Act shall be implemented— 
(1) without regard to— 
(A) chapter 35 of title 44, United States Code; and 
(B) the notice and comment provisions of section 553 
of title 5, United States Code; 
(2) through the promulgation of an interim final rule, 
pursuant to which public comment will be sought before a 
final rule is issued; and 
Regulations. 
Public comments. 
7 USC 65 note. 
Business Risk 
Mitigation 
and Price 
Stabilization 
Act of 2015. 
7 USC 1 note. 
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129 STAT. 29 
PUBLIC LAW 114–1—JAN. 12, 2015 
LEGISLATIVE HISTORY—H.R. 26: 
CONGRESSIONAL RECORD, Vol. 161 (2015): 
Jan. 7, considered and passed House. 
Jan. 8, considered and passed Senate. 
(3) such that paragraph (1) shall apply solely to changes 
to rules and regulations, or proposed rules and regulations, 
that are limited to and directly a consequence of such amend-
ments. 
Approved January 12, 2015. 
Applicability. 
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