FOR IMMEDIATE RELEASE

U.S. VIRGIN ISLANDS JOINS SBS

DENVER (March 27, 2010) — The National Association of Insurance Commissioners (NAIC) announced today that the U.S. Virgin Islands Division of Banking and Insurance has become the 20th NAIC member to choose State Based Systems (SBS) as its regulatory system.

“State Based Systems brings flexibility and efficiency to all of our business processes,” said U.S. Virgin Islands Lt. Governor and Commissioner Gregory R. Francis. “Our staff, licensees and citizens will have the full capability of SBS and NIPR readily available to them, making a wide variety of our tasks and processes more time and cost effective.”

SBS is a robust back-office software system designed with state regulation in mind. The product suite offers services for producer licensing, company licensing, consumer services, enforcement, fraud and revenue management. Advanced features such as document management, correspondence creation and tracking, as well as a flexible reporting functionality are part of what makes this system the market leader.

“The U. S. Virgin Islands Division of Banking and Insurance is a welcome addition to the SBS family, now totaling twenty,” said Jane L. Cline, NAIC President and West Virginia Insurance Commissioner. “SBS’s ability to provide needed services to NAIC members is a key component for the future of state-based insurance regulation. This agreement with the U.S. Virgin Islands further proves the capability of SBS to provide effective, efficient services to all NAIC members.”

In addition to the U. S. Virgin Islands, SBS is currently the system of choice in Alabama, Delaware, Florida, Illinois, Iowa, Kansas, Maryland, Missouri, Nebraska, New Hampshire, New Jersey, North Carolina, North Dakota, Oklahoma, Puerto Rico, Rhode Island, Tennessee, Washington, D.C., and West Virginia.

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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