FOR IMMEDIATE RELEASE

NAIC AND NIPR ANNOUNCE TRANSACTION PROCESSING ON A FAST TRACK

SAN DIEGO (March 14, 2009) - The National Association of Insurance Commissioners (NAIC) and its affiliate, National Insurance Producer Registry (NIPR), today announced a unique partnership that streamlines the licensing process using new instantaneous capabilities.

"Since its inception, NIPR has proven its ability to provide tools that allow insurance regulators and the industry to save time and money by reducing their reliance on time-consuming processes," said NAIC President and New Hampshire Insurance Commissioner Roger Sevigny. "This new rapid-response function is yet another example of how the states are leading the way to a more streamlined, fully electronic way of doing business."

When used in conjunction with the NAIC's State Based Systems (SBS) product suite, all NIPR licensing transactions - including original and renewal applications, appointments and terminations, and address change requests - can be submitted to an SBS state almost immediately, allowing the state to process licensing requests as they are submitted. Once the transaction is approved by the state, the SBS system will send the approval notification back to NIPR using real-time processing and NIPR will immediately notify the customer. For a transaction that meets all processing requirements, with no additional information required, the entire transaction - including submission, review, approval and notification - can be completed in as little as two minutes. The previous process could take anywhere from 24 to 48 hours.

"We are pleased to deploy this exciting new product to states that are part of the SBS family," said Alaska Insurance Director Linda Hall, who also serves as president of the NIPR Board of Directors and chair of the NAIC Producer Licensing Task Force. "SBS, through its membership-driven uniformity initiatives, makes NIPR more efficient by providing a tool suite that is consistent from state to state."

SBS is the solution of choice in Alabama, Delaware, Florida, Illinois, Iowa, Kansas, Missouri, New Hampshire, New Jersey, North Carolina, North Dakota, Puerto Rico, Rhode Island, Tennessee and Washington, D.C.

For more information, visit www.statebasedsystems.com.

About the NAIC

Formed in 1871, 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 five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.

You are currently subscribed to the "NAIC News Release" electronic service.
For information regarding this service, please contact the NAIC Communications Division, 1100 Walnut Street Street, Kansas City, MO 64106-2197, 816-783-8909.

To unsubscribe from NAIC Electronic Services, send a blank e-mail to NAIC Opt Out services.

Contacts

Communications Division
(816) 783-8909 news@naic.org

Scott Holeman
Communications
Director

Jeremy Wilkinson
Electronic Communications
Manager

Heidi Cline
Communications
Specialist

Vanessa Sink
Communications
Specialist

Carly Halvorson
Communications
Intern

Visit the PRESSROOM to search news releases and for more media information

Join Our E-mail List
Receive the latest news releases and other information from the NAIC Communications Division!


NAIC Web Site | Search NAIC and State Insurance Department Sites  ]
[ Copyright & Reprint Info | Privacy Statement]

©2009 National Association of Insurance Commissioners. All rights reserved.