FOR IMMEDIATE RELEASE

RHODE ISLAND DIVISION OF INSURANCE
HOSTS SBS LICENSEE SUMMIT

KANSAS CITY, Mo. (Oct. 13, 2006) – The National Association of Insurance Commissioners (NAIC) concluded its 3rd annual State Based Systems (SBS) Licensee Group Summit earlier this month in Providence, R.I. The Rhode Island Division of Insurance hosted the three-day Summit, which was attended by more than 40 representatives from the jurisdictions currently licensed to use SBS.

The focus of the annual meeting is to review key system elements of SBS, allowing users to collaborate on key enhancements. Feedback gathered during these in-depth system reviews allows NAIC staff to drastically reduce software development lead times, thereby more quickly delivering enhancements to the user.

“Meetings like this and the emphasis on collaboration between the jurisdictions and the NAIC are two key reasons we joined the SBS consortium,” said Joseph Torti, III, Rhode Island Associate Director of Business Regulation and Superintendent of Insurance. “SBS and the SBS consortium have improved our business processes through the implementation of effective online tools, user focused interfaces and comprehensive reporting capabilities.”

“Our decision to go with SBS was the right choice for the Rhode Island Insurance Division and I’m pleased to have been a part of that decision,” Torti said. “The SBS Licensee Group Summit is an important part of the process to further enhance SBS, and we are pleased to have had the opportunity to host this year’s event.”

SBS is a long-term solution offered by the NAIC for state insurance departments to support their company and producer licensing, market conduct, consumer services, enforcement, and revenue management activities. Its purpose is to provide a comprehensive Web-based application that will be used by state regulators to provide more efficient and expeditious license processing for producers and companies. It also helps position the states to more effectively respond to regulatory concerns and consumer-initiated inquiries and/or complaints and remain compliant with national uniformity initiatives.

About the NAIC

Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm

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2006 National Association of Insurance Commissioners. All rights reserved.