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FOR IMMEDIATE RELEASE
US VIRGIN ISLANDS IMPLEMENTS SBS
NATIONAL HARBOR, Md. (Nov. 3, 2011) — The National
Association of Insurance Commissioners (NAIC) is pleased to announce the
U.S. Virgin Islands has implemented State Based Systems (SBS) for its
regulatory business needs.
"We are pleased to have completed our implementation of SBS as it
represents a major step forward in our technological and customer service
abilities and offerings here in the U.S. Virgin Islands," said Gregory
R. Francis, U.S. Virgin Islands Lt. Governor and Insurance Commissioner.
"As we work to fully implement both SBS and the National Insurance
Producer Registry (NIPR) online tools, which are currently in progress, we
expect to automate our licensing processes, shifting from paper submittals
to electronically transmitted applications. Implementing key online tools
will greatly reduce the effort required to review and approve license
applications, which in turn will reduce the amount of time required for a
licensee to be approved."
"Adding the U.S. Virgin Islands to all NIPR initiatives is a project
we are happy to have the opportunity to undertake," said Maryellen
Waggoner, NIPR Executive Director. "We look forward to offering the
full spectrum of NIPR services to the insurance companies and licensees in
the territory."
In addition to the U. S. Virgin Islands, SBS is currently the system of
choice in Alabama, Delaware, the District of Columbia, Florida, Illinois,
Iowa, Kansas, Maryland, Missouri, Nebraska, New Hampshire, New Jersey,
North Carolina, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island,
Tennessee, and West Virginia. Limited SBS services are also licensed by
South Carolina and Virginia.
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About the NAIC
The National Association of Insurance Commissioners (NAIC) is the U.S.
standard-setting and regulatory support organization created and governed
by the chief insurance regulators from the 50 states, the District of
Columbia and five U.S. territories. Through the NAIC, state insurance
regulators establish standards and best practices, conduct peer review, and
coordinate their regulatory oversight. NAIC staff supports these efforts
and represents the collective views of state regulators domestically and
internationally. NAIC members, together with the central resources of the
NAIC, form the national system of state-based insurance regulation in the
U.S. For more information, visit www.naic.org.
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