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FOR IMMEDIATE RELEASE IOWA DIVISION OF INSURANCE TEAMS UP WITH STATE
BASED SYSTEMS
KANSAS CITY, Mo. (Feb. 23, 2007) — The National Association of Insurance Commissioners (NAIC) today announced that the Iowa Division of Insurance will implement State Based Systems (SBS) to serve its regulatory business needs. “We are pleased to be joining the partnership between SBS states and the NAIC,” said Iowa Insurance Commissioner Susan Voss. “While we are still in the early phases of implementation, the concept of marrying the NAIC’s ability to build and deliver a system to meet our tight deadlines and our unique business requirements, coupled with the seamless integration of services and the high level of customer service, makes SBS an appealing tool for the Iowa Division of Insurance.” SBS serves as a cost–efficient, back office processing system for producer licensing, company licensing, consumer services, enforcement, fraud, and revenue management. It includes sophisticated correspondence and document tracking, as well as flexible reporting and data–extract features. Designed to cater to the unique needs and best interests of each state insurance department, SBS is offered to the departments as a benefit of their NAIC membership in an effort to simplify and enhance state insurance regulation processes. The NAIC builds and maintains SBS, provides technical support and system training, and hosts the SBS application and database for each licensed state. The system also offers a variety of services that assist consumers in safely choosing insurance providers, and it provides insurance companies and producers with increased access to information and real–time tools that make the application and approval processes more efficient. Used in conjunction with other NAIC technical offerings, SBS can significantly reduce a state’s financial and human resources by providing support for daily regulatory activities. As a result, this leaves the state insurance department with more resources to devote to other initiatives. “The addition of the Iowa Insurance Division to the SBS team is an important and exciting step in the development of SBS,” said Catherine J. Weatherford, NAIC Executive Vice President and CEO. “This is a telling example of the healthy partnership between the NAIC and the SBS states, a relationship that wouldn’t be possible without the commitment of the states to continually improve the system and their business processes.” In addition to Iowa, SBS is currently the solution of choice in Delaware, New Hampshire, New Jersey, Rhode Island, and Washington, D.C.
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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©2007 National Association of Insurance Commissioners. All rights reserved. | ||
