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Terrorism Reforms

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Terrorism is the use of violence and intimidation in the pursuit of political aims. On September 9th of 2011 the world was shaken by an act of terrorism which cost many lives and families forever changed. Ever since then the United States government has reformed their laws, policies, and regulations, to adopt and counteract any act of terrorism from happening ever again. Reformation couldn’t happen overnight however and it was especially hard for things that required more focus like business in particular. In fact businesses were affected and impacted the most by these reforms and changes in order to adopt new protection and avoid any future acts of terrorism. Insurance was one of the many that needed change especially for the families affected …show more content…
Industry insured losses resulting from certified acts of terror will be provided by the federal share of compensation under the program in the beginning calendar years of 2015 to 2019. The compensations will increase each year. For instance beginning in 2015 the compensation will be $100 million. Subsequently in 2016 the compensation will increase to $120 million. In 2017 the compensation will increase to $140 million. The compensation will continue to increase each year by $20 million until it is $200 million in the year 2020. So therefore in 2018 it will be $160 million, and in 2019 it will be $180 …show more content…
It moves on to reform brokers and agents involving insurance. It amends the Gramm-Leach-Bliley Act to repeal contingent conditions under which the National Association of Registered Agents and Brokers(NARAB) shall not be established. It establishes the NARAB as an independent nonprofit corporation to prescribe licensing and insurance producer qualification requirements and conditions. The NARAB is prohibited from merging with or into any other private or public entity. The NARAB is required to provide a mechanism for the adoption and multi-state application of requirements and conditions. They must provide licensing, education, and other qualifications of non-NARAB insurance producers. They must also provide resident or nonresident insurance producer appointments. NARAB must also supervise and discipline such producers and settle licensing fees for insurance producers. In short NARAB is implemented to oversee insurance producers and manage them. Any state-licensed insurance producer is eligible to join the NARAB, except during license suspension or revocation. They’re required to undergo a criminal history record background check by the FBI if they decide to do so. Afterward NARAB is required to submit identification information obtained from the producer, upon producer’s request, as well as request of its own for the background check to

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