FOR IMMEDIATE RELEASE

OKLAHOMA EXPANDS USE OF SBS

SEATTLE (Aug. 15, 2010) — The National Association of Insurance Commissioners (NAIC) today announced that the Oklahoma Department of Insurance has chosen to expand its use of State Based Systems (SBS).

“We are pleased to announce our upcoming implementation of SBS,” said Kim Holland, NAIC Secretary-Treasurer and Oklahoma Insurance Commissioner. “Following the successful implementation of a bail bonds tracking and online report submittal process, the Oklahoma Insurance Department has made the decision to fully implement SBS as our primary back-office processing system.  We believe SBS makes good business sense from a variety of perspectives including system flexibility, cost and user efficiency.”

SBS is a solid, web-based solution that supports all aspects of insurance regulation via a cohesive, user-friendly interface that requires little user training. The goal of SBS is to provide the highest level of efficiency at the lowest possible cost to NAIC members.

"The addition of Oklahoma as a fully implemented member is further proof of the impact SBS can have on state-based insurance regulation," said Jane L. Cline, NAIC President and West Virginia Insurance Commissioner. "Oklahoma’s highly successful implementation of their SBS bail bonds project proved that SBS could effectively support their needs and those of their customers. As more and more NAIC members implement and realize the benefits of SBS, the product becomes more valuable to our membership.”

SBS is the system of choice of more NAIC members than any other software solution.  Those members are: 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., U.S. Virgin Islands 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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