NAIC AND NIPR ANNOUNCE TRANSACTION PROCESSING ON A FAST
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
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.
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