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FOR IMMEDIATE RELEASE
ARKANSAS BECOMES 26TH MEMBER TO
CHOOSE SBS
NATIONAL HARBOR, Md. (Nov. 30, 2012) — The National
Association of Insurance Commissioners (NAIC) announced that the Arkansas
Insurance Department is the most recent jurisdiction to license State Based
Systems (SBS), an NAIC owned and operated regulatory tool.
"Implementing SBS will greatly improve the level of service we offer
our constituents," said Arkansas Insurance Commissioner Jay Bradford.
"With SBS we will have the software tools to more efficiently meet the
needs of the insurance industry and the public. Streamlining regulatory
processes and providing easy to use online tools, while holding down costs,
is an immense value to Arkansas."
"We are pleased to welcome Arkansas as the 26th NAIC member of
SBS," said NAIC President and Florida Insurance Commissioner Kevin M.
McCarty. “By providing time-saving services and cost-effective solutions,
SBS enables our member states to effectively accomplish their regulatory
responsibilities."
SBS is a back-office software system designed with the help of state
insurance regulators. Offered as a benefit of NAIC membership, SBS offers a
variety of product services for producer licensing, company licensing,
consumer services, enforcement, fraud, exam tracking and revenue
management.
In addition to Arkansas, SBS is currently the system of choice in Alabama,
Alaska, Delaware, the District of Columbia, Florida, Illinois, Iowa,
Kansas, Maryland, Missouri, Montana, Nebraska, New Hampshire, New Jersey,
North Carolina, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island,
Tennessee, U.S. Virgin Islands and West Virginia. Limited SBS services are
also licensed by South Carolina and Virginia.
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About the NAIC
The National Association of Insurance Commissioners (NAIC) is the U.S.
standard-setting and regulatory support organization created and governed
by the chief insurance regulators from the 50 states, the District of
Columbia and five U.S. territories. Through the NAIC, state insurance
regulators establish standards and best practices, conduct peer review, and
coordinate their regulatory oversight. NAIC staff supports these efforts
and represents the collective views of state regulators domestically and
internationally. NAIC members, together with the central resources of the
NAIC, form the national system of state-based insurance regulation in the
U.S. For more information, visit www.naic.org.
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